The bankruptcy filing by Florida-based GPS Industries, a manufacturer of golf course global positioning systems, has left 17 firms out more than $875,000 in legal fees. The bulk of the fees are owed to two midsize firms that represented the struggling company. In a quarterly filing with the SEC, the firms expressed doubt that the company would be able to stay in business.
GPSI listed $2.9 million in assets and $28 million in liabilities when it filed for Chapter 11 in Tampa on Friday. The 14-year-old company, which relocated its offices in Austin, Texas, and Vancouver to Sarasota, Fla., in 2008 in order to reduce expenses, announced an agreement with a private equity firm and senior lenders on a restructuring plan for GPSI.
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