Springdale-based NanoMech Inc., developer of nanotechnology for use in machining and manufacturing, lubrication, packaging, biomedical implant coatings, and the development of specialty chemicals, has filed for Chapter 11 bankruptcy protection.
A filing Monday in U.S. Bankruptcy Court in Delaware estimates the company's debts and assets as between $10 million and $50 million.
Attorney Benjamin Waisbren, acting as NanoMech's chief restructuring officer, said in a recent interview the company had the support of its major lenders and primary vendors and was working to be as transparent as possible.
NanoMech was founded in 2002 by Jim Phillips, who announced his retirement in March from his role as company chairman and chief executive officer.
NW News on 04/17/2019