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August 27th, 2010
nCoat files Chapter 11 bankruptcy
NCoat, a nanotechnology firm that has been one of the Triad's biggest commercial employers in that emerging industry, has filed for Chapter 11 bankruptcy.
Company officials say reorganizing under protection of the bankruptcy court will clear the way for a rebound under new ownership. A California private equity firm, Fort Ashford Funds, has agreed to take over the company and continue its operation, but isn't willing to take on a pile of debt, according to CEO Paul Clayson.
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