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Article: Aquagenix, Inc. Announces It has Filed for Chapter 11 Bankruptcy Protection.
- Article from:
- Business Wire
- Article date:
- July 12, 1999
CopyrightCOPYRIGHT 1999 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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FORT LAUDERDALE, Fla.---(BUSINESS WIRE)--July 12, 1999--
Aquagenix, Inc. (OTC BB:AQUX) announced Monday that it has filed for protection and reorganization under Chapter 11 of the Federal Bankruptcy Code.
The company's California operation has had significant losses and continues to be a cash drain. In 1998 the company reported revenues of $16 million with a loss of $13 million. Onetime charges accounted for $9 million of that loss and led to a $4.1 million shareholders deficiency as of December 31, 1998.
Results have improved for the first quarter of 1999 and the company plans to continue its lake management operations in Florida. The company ...