Voxel files Chapter 11 petition
Accumulating debts, brought on by its unsuccessful battle with a former manufacturing partner, have prompted Voxel to file for Chapter 11 bankruptcy. The Laguna Hills, CA, developer of holographic display systems announced on June 2 that it had filed the
Accumulating debts, brought on by its unsuccessful battle with a former manufacturing partner, have prompted Voxel to file for Chapter 11 bankruptcy. The Laguna Hills, CA, developer of holographic display systems announced on June 2 that it had filed the petition to gain protection from creditors while it tries to complete development of its Voxcam imager.
Voxel was on the losing end of a $1.9 million arbitration award in its battle with General Scanning, a Watertown, MA, company that manufactured the first Voxcam imagers until the companies had a falling out over the quality of the systems (SCAN 5/13/98). Voxel did not have a cash reserve to pay the award and was unable to work out a payment schedule with General Scanning. Voxel is also about $2.2 million in debt to bond holders.
In addition to the bankruptcy filing, Voxel has cut its staff to 30 employees, reducing its headcount by 10, according to John Ortega, the firm's controller. Voxel is in negotiations for additional financing to continue operations and would be amenable to an acquisition if it were in the best interests of shareholders, Ortega said.
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