Bankruptcy Reorganization Chapter 11

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Bankruptcy Reorganization Chapter 11

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April 30, 2008

Tarpon Industries, Inc. and Eugene Welding Co. file for Chapter 11

Tarpon Industries, Inc. and Eugene Welding Co. filed for chapter 11 bankruptcy yesterday at the United States Bankruptcy Court for the Eastern District of Michigan.  Tarpon Industries, based in Marysville MI, is a holding company that owns 100% of the stock of Eugene Welding Co which is a manufacturer and distributor of steel storage rack systems.

Tarpon Industries' petition lists almost $4 million in assets and over $16 million in liabilities.  The largest unsecured creditor is listed as New Generation Steel with a trade claim of $146K.   On Eugene Welding's petition, both assets and liabilities are listed as between $10-$50 million.

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