Privately-held American Fuel Cell and Coated Fabrics Company (American Fuel Cell or AmFuel) filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Texas (Fort Worth Division), case number 17-44766.
The Company, which is located in Wichita Falls, TX, is headed by Leonard J. Annalor as C.E.O. and represented by J. Robert Forshey of Forshey & Prostok as counsel. According to documents filed with the Court, the Company has been a U.S. government contractor for over 70 years and provides its products to the commercial market, as well. American Fuel Cell is part of a niche market, one of only five domestic companies that manufactures fuel cells in significant quantities for the U.S. Department of Defense (DOD).
The Company notes that it has taken steps to streamline its operations and increase profitability but has been unable to successfully reduce costs and restructure finances. The Company filed Chapter 11 to expedite its reorganization process, and believes that investment by certain insiders may be the best means of completing a restructuring. American Fuel Cell indicates estimated assets and liabilities of $1 to $10 million.
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