And another one bites the dust.
Titan Motorcycle Files for Chapter 11 Bankruptcy Protection
Phoenix, Jan. 9 (Bloomberg) -- Titan Motorcycle Co. of America, which has produced hand-made motorcycles since 1994, said it is seeking bankruptcy protection from its creditors because it cannot pay all of its debts.
The company filed for Chapter 11 bankruptcy protection in federal court so that it can continue to operate as it restructures in an effort to turn a profit, Titan said in a press release distributed by PR Newswire. Company officials couldn't be reached to confirm.
Phoenix-based Titan has been unable to be able to pay suppliers on time, which has led to a shortage of parts that has cut sales of its twin-engine motorcycles. Titan had sales of $23.9 million for the year as of Sept. 30, a gain of about 9 percent from a year earlier, according to a filing with the Securities and Exchange Commission.
Titan's loss for the year widened to $8.54 million by Sept. 30 from $2.52 million a year earlier. The company's shares, which traded as high as $7.50 in March 1997, were unchanged at 4 cents.
Jan/09/2001 20:13 ET
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