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Posted: July 28, 2009
NanoDynamics Headed for Liquidation
(Nanowerk News) The Buffalo News reports that Buffalo, NY based NanoDynamics, once lauded for its high-tech job growth potential, is now headed for liquidation. On Monday, the company 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.”
Chapter 7 is known as a “straight bankruptcy,” different from a Chapter 11 case under which a company remains in operation as it restructures.
NanoDynamics notified its employees last week that the company was shutting down July 21 and that their jobs were being eliminated. A separate email last week to employees from William Cann, the chief executive officer, warned a Chapter 7 filing was likely.
“While NanoDynamics has technology and products that the world needs as well as an intelligent and dedicated team of employees, the funding to continue simply does not exist,” Cann wrote.