Eddie Montgomery of Montgomery Gentry has filed for bankruptcy in Lexington, Ky., listing liabilities totaling $13.4 million and assets of $1.9 million. The documents were filed Tuesday (Dec. 31) in U.S. Bankruptcy Court.
Montgomery’s debts are largely the result of a failed business, Eddie Montgomery’s Steakhouse, which he and wife Tracy Nunan opened in late 2009 in Harrodsburg, Ky., according to the Lexington Herald-Leader newspaper. The couple divorced in 2010, and the restaurant went out of business in May 2013.
The restaurant is scheduled to be sold Jan. 10 during a master commissioner’s sale Jan. 10. Proceeds will be used to pay nearly $12.7 million in default loans to Central Bank & Trust of Lexington. Montgomery guaranteed the business loans, and the bankruptcy filing lists almost $8.4 million in claims, many related to the restaurant, the newspaper reported.
A house co-owned by Montgomery and Nunan on 273 acres in Boyle County has been listed for sale for $1.25 million.
John Michael Montgomery, Eddie Montgomery’s brother, opened a restaurant in 2005 in Nicholasville, Ky., which later closed.
Montgomery and musical partner Troy Gentry emerged in 1999 with the debut single “Hillbilly Shoes.” Their No. 1 hits include “If You Ever Stop Loving Me,” “Something to Be Proud Of,” “Lucky Man,” “Back When I Knew It All” and “Roll With Me.”
Montgomery Gentry have tour dates scheduled through July, according to the duo’s website.