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GREEN BAY - A downtown Green Bay warehouse and the cheese inside it will be auctioned off Wednesday when a Ledgeview-based cheese distributor sells its assets to pay its bills. 

Titletown Cheese Trading Co., M&M Warehousing and three other affiliated companies filed for receivership Jan. 14 in Brown County Circuit Court, citing an inability to pay off their debts and payment obligations as they come due. 

The companies listed total assets of $10.5 million and liabilities of $13.1 million. The liabilities include a $3.1 million bank loan and $1.4 million in money judgments, according to court files. Brown County Circuit Court Judge Tammy Jo Hock appointed Seth Dizard as receiver to oversee the companies' effort to reorganize, manage their finances and help them remain viable businesses. 

In late February, Dizard requested approval to sell most of the companies' inventory, property, equipment and assets to pay off debts and emerge from receivership. 

The auction is scheduled for 10 a.m. Wednesday at the Hyatt Regency Green Bay, 333 Main St. Items up for sale include Titletown Cheese Trading's cheese inventory, M&M's warehouse at 801 Cedar St., packaging inventory, machinery, equipment and an additional property the companies owned in Monroe. 

It is not clear how much cheese will be sold on Wednesday, and it does not appear that all the companies' property will be sold at auction. Dizard did not return a request for more details. The M&M Warehousing property was built in 1916 and has an assessed value of $646,000, according to city property records.

Hock is scheduled to approve the results of the auction during a hearing March 18. 

Titletown Cheese in 2018 purchased the Lake to Lake processing plant in Denmark with a plan to expand processing that would add 25-40 new jobs in the region. The Lake to Lake plant and another processing center in Plymouth were not listed as assets to be sold at the auction this week.  

RELATED: Titletown Cheese to revive Denmark factory

In November, M&M Warehousing received preliminary approval from Green Bay's Economic Development Authority to back $10 million in industrial revenue bonds that would give the company access to capital at a lower interest rate. M&M planned to issue bonds to fund construction of two buildings on Donald Street, on Green Bay's west side, with more than 210,000 square feet of space for storing and aging cheese. 

Green Bay project and program manager Wendy Townsend said the city was waiting for M&M to submit required plans and financial information before giving the request final approval. She said city staff had not heard from M&M for some time about the project's status. 

But the company also faced several legal challenges in 2018, too.

In July, Titletown Cheese Trading Co. filed a lawsuit against Door Artisan Cheese Company LLC over an agreement to purchase $2.6 million to $3.1 million worth of cheese each year from the Egg Harbor company. The case involved claims of defective cheese, trespassing, theft from the M&M Warehousing building, sharing company secrets and competing claims for monetary damages. The case remains open. 

RELATED: Deal between cheese companies doesn't age well

And on Nov. 30, Mosinee-based Mullins Cheese Inc. filed a claim against Titletown Cheese for almost $600,000 in unpaid bills. Brown County Circuit Court Judge William Atkinson entered a judgment against Titletown Cheese for $591,000 on Jan. 7, a week before Titletown Cheese filed for receivership. 

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