DECA Financial Services, an Indiana consumer debt collection firm previously lauded by Inc. magazine as one of the fastest-growing U.S. companies, is now facing serious debt problems of its own.

The four-year-old agency avoided an attempt to have a court trustee assume oversight of the company by convincing creditors to support a $17.5 million refinancing and payback plan. DECA officials stated that if the rescue plan isn’t solidified by March 17, the court will appoint a trustee to run the company under a Chapter 11 reorganization bankruptcy. DECA has laid off at least 20 percent of its workforce in recent months and is down to 79 people, a DECA executive said last month. The company is located in Fishers, Ind., just north of Indianapolis.

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