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February 17, 2004
Astroturf manufacturer goes bust
Southwest Recreational Industries Inc., the Leander, Texas-based maker of the sports field surface AstroTurf, has filed bankruptcy and has requested a Georgia Bankruptcy Court that that it be allowed to liquidate on orderly basis under chapter 11, the Austin American Statesman reports here. SRI's initial motion to use cash collateral describes a surprisingly highly-leveraged business that essentially choked under a combination of high debt service payments and the costs associated with installing its product. SRI's initial bankruptcy docket can be reviewed here. Although SRI's corporate offices are in Leander, Texas (25 miles northwest of Austin), its manufacturing operations are in Georgia where the bankruptcy case was filed.
Posted by Tom at February 17, 2004 06:58 PM
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