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Global Water Technologies, Inc., (GWT) a full-service cooling water treatment company utilizing advanced technologies and engineered solutions to provide process cooling water to power plants, process industries, HVAC and municipalities, worldwide, today announced that it has filed for Chapter 11 reorganization under the Federal Bankruptcy code.
GWT filed for reorganization following the recent transaction with Camden Holdings, Inc. of Beverly Hills, Calif., whereby through its president, Mark Anderson, Camden acquired the stock, assets and assumed all liabilities of GWT's former subsidiaries, as well as all liabilities of GWT.
Under the terms of the agreement, Camden represented it had the financial resources to fulfill its commitments, including the purchase price obligations and indemnified GWT against the assumed liabilities and their associated costs.
As part of its reorganization, GWT will seek enforcement of its rights under the agreement from Camden and its representatives, including payment of the assumed obligations and indemnification of GWT.
Global Water Technologies, Inc. is a water technology and services company with a focus in the power, process and HVAC industries, which utilizes its proprietary technologies to enhance a facility's production by providing cold, high-quality water to increase operating efficiencies, reduce water usage and operating costs.