Story ID: AN1073013alerts
Avantair Faces Involuntary Bankruptcy Filing
By: Chad Trautvetter
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Word Count: 102
On Thursday, four Texas-based creditors filed an involuntary Chapter 7 (liquidation) bankruptcy filing against Avantair in Florida’s Middle District (Tampa) U.S. Bankruptcy Court. A summons was sent to Avantair on Friday and the company has until August 16 to respond. If Avantair does not respond by then, the court may allow the bankruptcy case to proceed; if it does respond, a hearing will be set and the judge will then decide if the case has merit to proceed. Should the case proceed and the judge rule in favor of creditors, Avantair could be forced to liquidate assets to repay creditors.