Fiberforge Corp. (Glenwood Springs, Colo., USA) reported on June 17 that it has ceased operations and has executed and filed an Assignment for the Benefit of Creditors in Chancery Court of the State of Delaware on June 11, 2013. Development Specialists Inc. (DSI) has been appointed as the Assignee for the Benefit of Creditors.
By operation of this assignment, all of the assets of Fiberforge are transferred to the Assignee for the purposes of sale and/or liquidation. The assignee will market the assets in a manner to maximize value for the creditors and stakeholders of the company. In order to accomplish this, DSI as assignee will prepare, organize 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). DSI says it hopes to find a bidder who will want to purchase the entire package of physical and IP assets.
Fiberforge’s manufacturing technology was developed to enable volume production of ultralight, advanced-thermoplastic composite structures made with carbon and glass fibers for diverse applications like helicopter load floors, skateboards, jet engine components and auto bodies.
DSI says that although Fiberforge had several successful products and growing interest in the automotive and aerospace markets, the company itself struggled to reach sustained profitability with its broad offerings of engineering services, parts manufacture, and automated equipment. DSI believes that Fiberforge’s remaining manufacturing equipment and intellectual property are on the cutting edge of advanced thermoplastic manufacturing technology, an assertion that the assignee is confident will be borne out by a vigorous and competitive sale process.
The net proceeds from the sale(s) 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, contact John Wheeler, Matt Farnsworth or Steve Victor at 312-263- 4141 or firstname.lastname@example.org.