COLUMBUS, Ind. — The owner of the now-closed, 115-year-old Pentzer Printing Inc. in Columbus is going through Chapter 7 bankruptcy.

Columbus resident John E. Settle, who purchased 50 percent of the family business in 2012 and the remainder in 2013, closed the establishment at 4505 Kelly St. on Jan. 6. He filed bankruptcy Jan. 10, according to records from the U.S. Bankruptcy Court for the Southern District of Indiana.

In general, Chapter 7 bankruptcy in Indiana allows a liquidation in which a trustee collects all the the filer’s assets and sells those which are not exempt. The money from the sale is then distributed to creditors.

John Settle and Rosemarie Lynn Settle list total debts, mostly business-related, of $2 million and assets of $491,732, according to court documents.

A new development in the bankruptcy proceedings became public Friday when the Columbus Board of Aviation Commissioners approved a preliminary purchase agreement at a cost not to exceed $320,000 with Settle Enterprises LLC for the 10,000-square-foot building.

The final offer will be contingent upon an inspection and appraisal of the building, said Brian Payne, director of the Columbus Municipal Airport, which owns the one-acre property on which the building is located.

Learn more details in Saturday’s print edition of The Republic