Business Services Industry
Griffin, Ga.-Based Shuttle Bus Maker Files for Bankruptcy Protection.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, December, 1999 by Meadows, Andrew
Dec. 23--Troubled shuttle bus manufacturer Metrotrans Corp. said Wednesday it has filed for bankruptcy because of mounting financial problems.
The Griffin-based company said it will continue to operate while it seeks protection from creditors in federal bankruptcy court.
In a statement issued Wednesday, Metrotrans blamed the filing on continued operating losses, debts and its inability to obtain additional financing.
Metrotrans President and Chief Executive Officer John G. Wallace didn't return several phone calls seeking comment.
According to filings with the Securities and Exchange Commission, Metrotrans encountered severe liquidity problems this year when it couldn't get a majority shareholder to lend the company money.
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