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Visionaire Vantage VA-10

An 11th-hour effort on January 31 failed to keep OEM startup VisionAire afloat after a federal district court judge placed the company back into Chapter 7

By AIN Staff • AIN Staff

October 17, 2007

An 11th-hour effort on January 31 failed to keep OEM startup VisionAire afloat after a federal district court judge placed the company back into Chapter 7 bankruptcy on January 21. The company had been operating under Chapter 11 bankruptcy since September, when the judge agreed to the voluntary insolvency after five creditors petitioned the court to place VisionAire into involuntary Chapter 7 bankruptcy in July. Following the January 21 ruling, company officials had 10 days to obtain additional financial backing.

“We needed to show the judge we had $1.2 million in hand and proof that we would get the rest of the $120 million we required to restructure, but we just could not get the money,” Jim Rice, CEO, told AIN. “There’s no hope to get back into Chapter 11 now.” VisionAire had been negotiating with two separate financial sources.

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