09 July 2013
09 July 2013
Fiberforge has ceased operations and has executed and filed an assignment for the benefit of creditors in Chancery Court of the State of Delaware, US, on June 11, 2013.
Development Specialists, (DSI) has been appointed as the assignee for the benefit of creditors.
All of the assets of Fiberforge have been transferred to DSI for the purposes of sale and/or liquidation. DSI will market the assets in a manner to maximise value for the creditors and stakeholders of the company. In order to accomplish this, DSI, as assignee will prepare, organise and effectuate a sale process for both the physical and intellectual property of the company. The sale process will be subject to court approval and will provide for higher and better offers subject to the terms of an acceptable stalking horse bid(s). John Wheeler of DSI said, “We hope to find a bidder that will want to purchase the entire package of physical and IP assets; if not, we will attempt to liquidate each separately. If buyers for these lots cannot be located, we will explore a more typical wind down auction process.”
Fiberforge’s manufacturing technology was developed to enable volume production of ultra-light, advanced thermoplastic composite structures made with carbon and glass fibres for diverse applications like helicopter load floors, skateboards, jet engine components, and auto bodies. Steve Victor, agent for DSI, explains, “Although Fiberforge had a multitude of successful products and growing interest in both the automotive and aerospace industries, the company itself struggled to reach sustained profitability with its broad offerings of engineering services, parts manufacture, and automated equipment.” He believes that Fiberforge’s remaining manufacturing equipment and intellectual property are on the cutting edge of advanced thermoplastic manufacturing technology, an assertion that DSI is confident will be borne out by a vigorous and competitive sale process.
The net proceeds from the sale of the assets will be paid to the creditors in accordance with the priorities established by law.
For more information about the assignment for the benefit of creditors of Fiberforge and the sale of the assets please contact John Wheeler, Matt Farnsworth or Steve Victor by telephone on 001-312-263-4141 or firstname.lastname@example.org.
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