Southwest Precision Manufacturing, a maker of pumps for CNC machines, has filed for Chapter 11 bankruptcy.

The company, at 3810 S. Midco, is continuing to operate, said lawyer Thomas Gilman of Redmond & Nazar. The key issue, Gilman said, is that "they have too much debt."

The filing last week listed the company's assets and liabilities at between $1 million and $10 million. The 20 largest creditors have about $780,000 in claims.

The company is 70 percent owned by Dana Youngers and 30 percent owned by James Youngers. James Youngers is listed as the chief operating officer on the company Web site.

According to the Web site, James Youngers formed the company when he purchased Southwest Manufacturing in March 2006 and merged it with his company, Maintenance Services and Technologies.

The company makes eight different pumps for CNC machines, which are used for precise, high-speed metal cutting and milling.

Southwest Manufacturing is listed as the biggest creditor, at $314,875.

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