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July 28th, 2009
Tech firm files for Chapter 7 bankruptcy
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.
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