According to the article, they hit liquidity trouble during the financial crisis which caused them to go into technical default. According to the article, they

According to the article, they hit liquidity trouble during the financial crisis which caused them to go into technical default. According to the article, they have $20.2 million in assets and $27.7 million in revenues but Regions Bank refused to negotiate on payment. I wonder if this is just the last part of an attempt by Regions to use the default to seize the company at far below its market value.