NanoDynamics Inc. has filed for Chapter 7 bankruptcy protection as of July 27, less than a month after the company fired CEO and cofounder Keith Blakely.
Though NanoDynamics announced over $2.5 million in grants and contracts it received as recently as January, Raymond Fink, a partner at Harter Seacrest & Emery LLP, who is representing the company in bankruptcy proceedings said it simply wasn’t enough. “Their operating capital needs were considerably higher,” Fink said. Putting it into perspective, he said, “A million dollars didn’t put much gas in the tank.”
In addition to NanoDynamics Inc., a second filing was made on Monday for NanoDynamics Energy Inc., which operated as a wholly owned subsidiary of the parent company.
Approximately 100 employees will be left without a job, adding to the gloomy outlook of the US job market.