AeroTech, Inc. and Industrial Solid Propulsion, Inc. File for Chapter 11 Bankruptcy
Due to the incredibly high cost of litigation against Clark County and the Clark County Fire Department, AeroTech, Inc. and its parent company, Industrial Solid Propulsion (ISP), Inc. have filed a petition for relief under Chapter 11 of the Bankruptcy Code.
The companies believe that the current operations can be profitable and that there is value in the existing business which will provide, at least, some payment to their creditors. In addition, the continued operation of the business will allow the companies to continue to provide for its customers until the business is reorganized or sold. Under Chapter 11, all current bills will be paid in the ordinary course of business. Pre-petition bills will be paid pursuant to a Plan of Reorganization.
All pending litigation will be stayed by the bankruptcy. The companies will evaluate at a later point, with creditor input, which litigation they will pursue and which litigation will be resolved without further legal proceedings.