Safelite Glass files for bankruptcy after listing $591 million in debts

WILMINGTON, Delaware -- Safelite Glass Corp., a debt-ridden auto glass repairer that recently formed an alliance with Pep Boys-Manny, Moe & Jack auto stores, filed for bankruptcy protection from creditors.

In papers filed in U.S. Bankruptcy Court in Wilmington, Delaware Friday, Safelite, based in Columbus, Ohio -- with 500 U.S. locations -- listed $559.2 million in assets and $591.4 million in debts.A spokeswoman for closely held Safelite, Dee Uttermohlen, said the Chapter 11 filing was related to a debt-load from an acquisition three years ago--but added that the company has been renegotiating debt with creditors.