Food Irradiation Firm SureBeam to Liquidate
SureBeam Corp., a maker of radiation systems to treat meat and fruit for harmful bacteria, said it would liquidate after failing to raise funds to continue operating.
The San Diego-based company was unable to agree on a restructuring with Titan Corp., its former parent, and will file for Chapter 7 bankruptcy protection by the end of this week, Chief Executive Terrance Bruggeman said.
The company, which was spun off by Titan in August 2002, will close Friday.
SureBeam said in October that the Securities and Exchange Commission was conducting an informal inquiry into the company over its “auditor situation.”
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