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Home > News > Tech firm files for Chapter 7 bankruptcy

July 28th, 2009

Tech firm files for Chapter 7 bankruptcy

Abstract:
NanoDynamics, once lauded for its high-tech job growth potential, is now headed for liquidation.

The Buffalo-based company on Monday filed for Chapter 7 bankruptcy, about a week after ceasing operations.

"The decision was made by Nano- Dynamics' board of directors as the company has been unable to raise the capital necessary for further development and commercialization of its products and technologies," the company said in a statement. "Chapter 7 will offer protection for the company's creditors as the bankruptcy process moves forward."

A subsidiary, NanoDynamics Energy, also filed for Chapter 7.

Source:
buffalonews.com

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