Sci-Quest Granted Motion To Transform Bankruptcy Filing To Chapter 7

HUNTSVILLE, Ala. Sci-Quest, Huntsvilles Hands-On Science Center, has actually been approved a motion to change its bankruptcy filing. The non-profit had actually filed for Chapter 11 bankruptcy security, but a judge has agreed for it to be converted to Chapter 7.

Sci-Quest has actually been closed considering that early February. The conversion to Chapter 7 took place February 26.

A Chapter 11 filing is geared towards fixing up a business desiringwishing to restructure its debt and attemptaim to re-emerge as a healthy company. Chapter 7 bankruptcy is often called liquidation bankruptcy, and is more geared for companies who needhave to offersell possessions to pay creditors.

The center had submitted for Chapter 11 protection more than a year ago in hopes of restructuring and going out from nearly $1 million in debt. Sci-Quest board chairman Andy Crocker said the center closed due to an absence of outdoors funding.

About a lots workers who worked full-time at Sci-Quest were let go. Sci-Quest also used part-time employees throughout other times of the year. Schools throughout the location checked out Sci-Quest on field trips and the center provided a variety of hands-on activities for local families focusedfixated STEM subjects (science, innovation, engineering and math.)

Crocker stated he is trying to discoversearching for an equally useful agreement with the United States Area amp; Rocket Center that will allow the objective of Sci-Quest to continue.