Company Seeks Chapter 11 Protection
It may only be
temporary. So says Andrew Chumney, CEO of Fort Collins, CO-based
avionics, accessories, and engine overhaul company Firewall
Forward, on his decision last week to close up shop.
The Coloradoan newspaper reports employees at the company
returned from lunch last Monday to find the doors locked, and the
company out of business.
Chumney said three buyers had looked to purchase the company,
and keep it running... but was unable to complete a deal with any
of them in time.
The amount of inventory Firewall Forward had to keep on hand to
perform engine work and overhauls was also excessive, said the
CEO... and then the bank called, looking for its money, which was
the last straw.
"I came in about two-and-a-half years ago for what I thought
would be a six-month turnaround project," Chumney said. "We did not
immediately appreciate the gravity of the situation. Within a
couple of months, we realized the company was in dire straits."
Chumney says the company is considering bankruptcy protection...
which means employees may be able to return to work sometime in the
"Firewall Forward is well loved in the industry," Chumney said.
"The employee base is magnificent -- the best I've ever worked
with. But there's so much baggage going forward. I wouldn't walk in
the door without $2.5 million."
That means that, for now at least, 36 employees -- mostly
A&Ps, making about $38,000 a year -- are now looking for other
work in the aviation field, which is in short supply in Fort