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
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.
18 years ago