Boomerang Systems Hits Ch. 11, Blames Lender In $25M Suit

Law360, New York (August 19, 2015, 4:28 PM EDT) -- Boomerang Systems Inc., a company that develops automated parking garages, said Wednesday that it is filing for bankruptcy in Delaware, blaming its financial problems on one of its lenders in a separate $25 million lawsuit.

BSI said in a statement it has filed for Chapter 11 because “of a default by a significant lender” and as a result has run out of cash to continue its day-to-day operations. Though the statement doesn't mention the lender, Boomerang Systems has filed a separate lawsuit in New York against Parking Source LLC, which is accused of breaching the terms of a 2013 loan agreement....

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New York Southern

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Contract: Other

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Date Filed

August 18, 2015

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