Pinky Cole, the Slutty Vegan founder and Real Housewives of Atlanta newcomer has filed amended bankruptcy documents that now show nearly $4 million in debt.
The updated paperwork comes after Cole entered Chapter 11 protection earlier this year in Georgia. Earlier court records showed she owed about $1.2 million to the U.S. Small Business Administration for a COVID-era disaster loan and about $192,000 in state taxes.
In the filing, Cole lists more than $80,000 in credit card debt, including more than $70,000 on two American Express cards and about $12,000 on an Apple card and also lists $107,625 owed to Edward Don & Company, a restaurant supplier based in Norcross, Georgia.
According to the filing, real estate broker JLL Realty is owed $363,399 in unpaid rent, while CIH Group is owed $250,000. Other listed creditors include medical providers, toll authorities in Georgia and Ohio, Children’s Healthcare of Atlanta, Dentistry for Children and Henry County EMS. Cole previously said on The Breakfast Club that Slutty Vegan’s fast rise created a business model that became difficult to manage.
“As a result, we got $20 million in debt,” she said. “And as a result of that debt, we were drowning.”
She added, “Yes, we were making money, double-digit millions, but if your payroll is high and you have all of these costs and everything is adding up, your bottom line is going to be red.”
In a separate creditors meeting, Cole said she earns money through speaking engagements, rental properties and a mentorship group. Business Insider reported that she told a trustee the mentorship group brings in about $800 a week. “It’s just me giving them advice, business advice,” she said. “It serves as, like, an accountability group for entrepreneurs.”
A creditor reportedly seized one of Cole’s homes after the bankruptcy filing, but her attorney said she later regained possession after the court found the action violated bankruptcy protections.
“The Court heard these facts and agreed with me that Guardian’s behavior was a violation of the automatic stay,” attorney Jamie Christy said.