GPS Industries Inc. is filing for Chapter 11 bankruptcy. The golf course positioning system manufacturer owes a number of unsecured claims, including a $1.8 million patent lien from Optimal IP Holdings LP of Austin, Texas.
GPS Industries also has a $1 million trade debt with Great White Shark Enterprises LLC of Jupiter and $627,000 trade debt with Austin Manufacturing Services of Dallas.
In its quarterly filing with the SEC, GPS Industries said the company's ability to continue is a concern because of its recent losses and limited financial resources.
If your company is considering filing for bankruptcy, contact the Austin bankruptcy laywers of Slater Kennon LLP, at 512-338-1100.