Embattled auto dealer Denny Hecker has filed for personal bankruptcy.
The filing comes in the wake of a nearly $480 million judgment that his long-time lead financer, Chrysler Financial, won against him. Ford also won multi-million dollar judgment against Hecker as well.
For me, this is not the last chapter, it is part of life and turning the page.Denny Hecker
The filing lists liabilities of between $500 million and $1 billion. The document lists Hecker's assets as between $50 million and $100 million.
In a statement, Hecker said, "after exhausting all efforts to resolve the litigation with Chrysler Financial, I am sad to say I was forced into personal bankruptcy protection."
Hecker said these are unprecedented times in the automotive and travel industries.
"This once-in-a-lifetime economic storm has been painful to everyone in the Denny Hecker family of businesses."
Hecker says his remaining businesses should continue as they are. He says Erik Dove, vice chairman of DEH Family Holdings will become the Chief Restructuring Officer and work with a court-appointed trustee.
"For me, this is not the last chapter, it is part of life and turning the page," Hecker said in his statement.