Grand Rapids Based Magnetation’s Future In Question
After an all day bankruptcy court hearing that ended with no resolution, hundreds of employees, lenders and vendors are still waiting to see what happens to Magnetization LLC.
The hearing continued Thursday and still no decision was reached on two major options: Whether to give Magnetation’s founders more time to find a savior investor and keep the company operating, or approve a settlement reached in September that will close operations and divide the assets among the largest creditors.
The Grand Rapids Herald Review says that Magnetation’s owners have been holding out hope that a savior investor would jump in, agree to pay off debts, keep the company running under the same management and keep employees working.
Magnetation has been stuck in bankruptcy since May 2015.