July 3– In what could be an economic boon for Hardin County, company officials for the beleaguered and newly restructured ISR Group say they hope to have clear skies and little to no turbulence ahead as the company resumes operations.
Conner Searcy, managing partner of Dallas-based Trive Capital, now the ultimate parent company of ISR, said, “We’ve effectively bought the company and infused it with millions of dollars in capital to resume operations. Our intent is to revive and rebuild ISR to what it was a few years ago, before it began deteriorating,”
ISR, widely regarded as one of the largest private drivers of economic activity in Hardin County over the last decade, seemed to be on the verge of even bigger things just last year when they were in contention to become one of six Federal Aviation Administration (FAA) test sites for unmanned aerial vehicles (UAV) or drones in the nation.
In the run-up to the FAA site selection, however, rumors of financial difficulties within the company were proven to be true when ISR announced layoffs late last November, resulting in more than 60 percent of the company’s workforce losing their jobs.
At one time considered by some to be a front-runner in the eyes of the FAA site-selection committee, when the announcement came in late December, ISR was not one of the six sites chosen, and that appeared to be the final nail in the coffin for the company.
ISR Group Inc. filed a voluntary petition for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Western District of Tennessee on April 29, after having its lines of credit closed and cash accounts seized by banks that had been working with the company.