Houston-based Terrabon Inc. has filed for Chapter 7 bankruptcy. Under Chapter 7 proceedings, the company’s operations will cease and a trustee will be tasked with liquidating the company’s assets for the benefit of creditors. The bankruptcy has resulted in lay-offs affecting approximately 60 full-time employees.
"It is with great disappointment we announce Terrabon has been unable to obtain additional financing and must suspend operations,” said Gary Luce, CEO of Terrabon in a statement.
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