Ameritex Technologies Inc., a leading supplier of canvas products and windshield systems to the marine market, filed for Chapter 11 bankruptcy protection.
"With the shutdown of one of our key customers, the bankruptcy filing of another major industry player and large customer, and the overall devastation that has occurred in the marine market, we were left with significant uncollectible receivables and a resulting negative cash flow position that left us with an inadequate credit line and operating resources," said Don Zirkelbach, president of the Bradenton, Fla.-based company, in a statement.
"There was just no other way around the current circumstances," he added.
As part of the Chapter 11 filing, Ameritex is in the process of negotiating a sale of assets to Dowco Inc., a Manitowoc, Wis.-based manufacturer of products for the marine and power sports industries.
During the course of the Chapter 11 reorganization, Ameritex says it will continue to focus on servicing its customers and pursuing continued innovation efforts on all canvas and windshield products.