Ameritex, Taylor Made face foreclosure suit - Trade Only Today

Ameritex, Taylor Made face foreclosure suit

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Ameritex Technologies Inc. and Taylor Made Systems are facing a mortgage-foreclosure lawsuit for alleged default on Ameritex's Bradenton, Fla., manufacturing facility, according to court documents.

Ameritex last spring filed for Chapter 11 bankruptcy protection. Taylor Made purchased the company's assets in August and announced plans to reconstitute the business as Ameritex Fabric Systems and relocate it to the Taylor Made Systems facility in Bradenton.

First Bank filed the mortgage-foreclosure suit Sept. 10 in Manatee County Circuit Court. The suit names Ameritex Technologies, Taylor Made Group and Taylor Made Systems as defendants.

The Missouri-based bank contends the company defaulted on $6.8 million in mortgages on the Ameritex manufacturing facility, according to a report in the Bradenton Herald.

Officials from Ameritex and Taylor Made could not be reached this morning for comment.

The bank is seeking to foreclose on roughly 6.2 acres at 2111 58th Ave. E., where Ameritex makes marine canvas and windshield systems, the newspaper reports. Ameritex plans to vacate the facility and move operations to a Taylor Made facility at 1900 47th Terrace E. as part of the sale.

The foreclosure suit centers on two loans that the former Coast Bank of Florida, which First Bank later acquired, made to Ameritex. The first, a $3.58 million loan taken out in 2002, was used to build a 42,000-square-foot addition to Ameritex's facility. Ameritex later borrowed another $220,000 under the same loan. The company borrowed another $3 million in 2006, pledging its facility as collateral, according to the newspaper.

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