Takeoff Technologies Files Chapter 11 Bankruptcy in Delaware

Takeoff Technologies Inc. has filed a voluntary petition for relief under Chapter 11 of the US Bankruptcy Code in the District of Delaware.

• Plans to complete a marketing process to seek interest in one or more sales of some or all of its assets
• Seeking court approval to enter into pact with a consortium of customers to provide about $9.6m in debtor-in-possession financing
  • Financing to enable remaining operations to continue through the marketing and sale process
  • Will wind down assets not acquired through the sale process
• In a separate court filing, the company listed liabilities of $10m-$50m and assets of ...