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 future.

"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 Collins.

FMI: www.firewallforward.com