Sri files chapter 11

[winters in buffalo]

From the Atlanta Business Chronicle...

AstroTurf maker files for Chapter 11 in Georgia

The Leader, Texas-based maker of AstroTurf -- perhaps the best known artificial sports turf -- has filed for Chapter 11 bankruptcy reorganization in Georgia after buckling under heavy debt and rapid growth.

Southwest Recreational Industries Inc. makes and installs synthetic and natural grass laying fields, running tracks, tennis surfaces and indoor gymnasium floors. Two of SRI's plants are near Rome -- in Dalton and Chatsworth, Ga. Atlanta law firm Alston and Bird LLP is representing SRI in the bankruptcy case.

Three bankruptcy petitions were filed in U.S. Bankruptcy Court in Rome, Ga., for SRI and two Leander-based subsidiaries -- E.J. Renner and Associates Inc., which does business as Malott Peterson Renner Inc., and AWS Construction Inc.

SRI's parent company, American Sports Products Group Inc., wasn't part of the filing. Company executives couldn't be reached for comment.

SRI reported debt of $88.1 million and assets of $101.9 million. Its largest creditor, New York-based Blackstone Mezzanine Partners LP, is owed $19.6 million. Lancaster, Pa.-based Martin Surfacing Inc. is owed $6.3 million, and Chicago-based GE Capital Corp., $3.3 million.

SRI posted 2003 revenue of $159.9 million, compared with $220 million in 2002, according to the bankruptcy filing.

One of the SRI projects up in the air is AstroPlay artificial turf for the Metrodome in Minneapolis, according to the St. Paul (Minn.) Pioneer Press. The company was set to install 122,000 square feet at the stadium, home of the Minnesota Vikings and Minnesota Twins, the newspaper reports.

SRI's bankruptcy follows several management changes in 2003 and the assumption of large amounts of debt in 2002.

Thomas DeNova stepped down as president of SRI Sports in June 2003 after serving in that job only four months. DeNova's departure was the best move "for the company's rapid growth and the current direction the company is taking," a company executive said at the time.

Reed Seaton, founder of SRI Sports, has been president of American Sports Products since 1993 and assumed DeNova's duties until a new president was hired in November. Seaton was replaced by Rick Darnaby, former CEO of California-based Somera Communications Inc. Somera provides telecommunications infrastructure equipment and services.

In July 2002, American Sports Products obtained access to $84 million in capital and credit to help it expand. It received a $63 million senior credit line from GE Capital Merchant Banking Group, plus $21 million in subordinated debt

In addition to SRI, American Sports Products includes Salt Lake City-based Sport Court Inc., which produces backyard and institutional modular flooring and golf surfaces, and Jefferson, Iowa-based American Athletic Inc., which makes gymnastic apparatus, pads, basketball equipment and volleyball equipment. Neither Sport Court nor American Athletic was included in the bankruptcy filings.

As of November, American Sports Products employed 600 people worldwide.

© 2004 American City Business Journals Inc.

[NJTank]

YAY!!!!!!

Take that Astroturf you are outta here.

[STL FANATIC]

I don't mind astro turf. This is too bad.

[NJTank]

Astroturf is terrible it hurts the knees feels liek sand paper placed over cement and when its hot its feels like standing on a hamburger grill.

[STL FANATIC]

Astroturf is terrible it hurts the knees feels liek sand paper placed over cement and when its hot its feels like standing on a hamburger grill.

I know, but still, I don't mind it.

[JQK]

Astroturf was a killer to play on. Thank god it is going to die. Astroplay as well. Fieldturf is the Best artificial surface. Hopefullt everyone will kill all artificial surfaces and go to what God intended... natural grass...

[NJTank]

Grass thats the best.

and if you cant use Grass use Field Turf.

I garuntee you even the Rmas will have Field Turf within 5 years.

[STL FANATIC]

Grass thats the best.

and if you cant use Grass use Field Turf.

I garuntee you even the Rmas will have Field Turf within 5 years.

Possibly, but I like the AstroTurf.

[habsfannova]

Astroturf had its own style.  I played on it a few times, and didn't mind it too much.  Did you ever play on it, Tank?

[NJTank]

Yes

My College had an Astrotruf Field.

Even if you dont mind it Astroturf is dead, Feidl Turf is much better and the players like it so when things like that happen it renders Astroturf obsulete, within 5 years I see Astroturf almsot comepletly gone, replaced by Field Turf in most places.

[STL FANATIC]

I've played soccer on it, and just been on it before. It's a huge adjustment from grass, but not terrible...

What sucked was on this one soccer field, it was also a football field. They had astroturf for the football bench area, but the soccer field extended onto that...it's one heck of a transition.

[DEAD!]

I wonder, did this company make anything else? If not, then I have no sympathy for this company. They made a niche product that is being phased out. Too bad!  

[winters in buffalo]

I wonder, did this company make anything else? If not, then I have no sympathy for this company. They made a niche product that is being phased out. Too bad!

They make AstroPlay, similiar to FieldTurf.

[-kj]

The company's not necessarily dead.  They filed for Chapter 11 reorg.

[NJTank]

Astro play does not look as good as field turf dont knwo what it feels like though, but if teh company is to survive it has to come up witha field turf type field taht is liekd and looks as good as field turf.

[yh]

The curse of Monsanto continues.  Astroturf was originally developed by Monsanto which over the years spun several of its departments off into free standing companies which went their merry way.  This is the third or fourth such entity to wind up in bankruptcy.

[paynomind]

if you cant use Grass use Field Turf.

I've been waiting for months to type this message:

I agree with Tank on this one.

[IronChefShark]

I don't mind astro turf. This is too bad.

of course you dont, youre a rams fan

[winters in buffalo]

if you cant use Grass use Field Turf.

I've been waiting for months to type this message:

I agree with Tank on this one.

The only two acceptable surfaces to play a sport on are grass and ice.

[Discrim]

astroturf had its time...and that time was up the moment the first field turf surface was installed.  to all fields that still use astroturf, it's time to use grass if you can, fieldturf if you can't.  i can probably guarantee the crappiest grass field you can find is still better than an astroturf field...hell, i can show you a horrid grass field (although it doesn't even deserve to be called one, it's mostly dirt covered in grass IMO-played on it twice, and that's two times too many.)