A company ripe with cutting edge technological advances in the form of patents, Guided Systems Technologies, Inc., filed a voluntary petition for Chapter 11 bankruptcy on July 5th, 2018. In 2013, guided systems Technologies began marketing the aircraft and camera products to farmers via a collaboration with the Georgia centers of innovation for Aerospace and Agribusiness.
Guided Systems Technologies was founded in 1989 to be leaders in unmanned rotorcraft technology, or as it’s known at guided systems: neural network adaptive control methods for the aerospace sector. Today Guided Systems Technologies creates unmanned helicopter solutions for commercial, first responder, and military applications primarily from its headquarters in Stockbridge, GA. In bankruptcy records filed with the US Bankruptcy Court in the Northern District of Georgia, Guided Systems Technologies, Inc. claimed less than $50,000 in assets with $1,000,0001 to $10 million in liabilities.
Second time’s a Charm
While Guided Systems’ bankruptcy seems like just your ordinary, average corporate Chapter 11 bankruptcy case, however, the company filed bankruptcy previously in June of 2017, and has been working to obtain chapter 11 bankruptcy protection since then. The company attended the 341 creditors meeting in 2017 but apparently decided to withdraw and then refile. This time around, the company lists 1 to 49 creditors. The unsecured creditors include the Company Founder, Bank of America for a commercial loan. But the largest creditor by far is a power electronics company out of California named Polarity, with debts totaling nearly $280,000.
Hope for the Futures
While the company’s primary focus was to dramatically reduce the time and money required to produce unmanned rotorcraft technology, it has been unable to come up with either of these to meet its own financial needs. The technology employed by Guided Systems Technologies is absolutely amazing and hopefully the company will be able to confirm a Chapter 11 reorganization plan in order to continue developing the technology.