PHOENIX — SNTech Inc., a developer of high-efficiency, “smart” electric motors for commercial and residential applications, announced that it filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Arizona. The company intends for the Chapter 11 filing to enable it to seek an acquirer through an expeditious 363 sale process.
The company, subject to court approval, has secured debtor-in-possession “DIP” financing from existing SNTech creditors for the planned 363 sale process.
SNTech has retained the investment bank Gordian Group LLC to assist in the sale of the company.
Management believes the acquisition of the company provides a buyer with the opportunity to immediately gain access to an established product line, with an increasing customer base. Management also believes that the highly-engineered nature and numerous patents of the company’s products protect its operations from its competition. According to the company, the technology has been validated by leading Fortune 100 HVAC companies, pool suppliers, and a major consultant to the U.S. Navy.
For more information about SNTech, visit www.sntech.com.
Publication date: 12/29/2014