New technology composites maker Fiberforge Corp. grew out of a Colorado think tank’s proposals for an ultra-light efficient vehicle, but now has been forced to shut down and is seeking buyers for its intellectual property and equipment.
“We hope to find a bidder that will want to purchase the entire package of physical and IP assets,” the Glenwood Springs, Colo.-based company said in a June 11 news release. “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.”
Development Specialties Inc. of Chicago has been appointed the assignee for the benefit of creditors by the Delaware Chancery Court. Fiberforge legally formed in Delaware and the Chancery Court must approve the sale process.
“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,” said Steve Victor of DSI in a news release.
DSI believes the company’s range of technology will lead to a “vigorous and competitive sale process,” he said.