Plextronics, the venture-backed Pittsburgh company that is developing electronic inks designed for use in organic LED televisions and lighting applications, has filed chapter 11 protection, Optics.org reported yesterday. Despite the bankruptcy application, Plextronics said that it had filed a series of customary motions to ensure the continuation of normal operations during the process, and stressed that its “Plexcore” products would remain available. According to the company’s most recent filing with the Securities and Exchange Commission, which dates from October 2013, Plextronics had been seeking to raise $5 million in debt-based securities. But at the time of that filing, only $572,000 had been raised. In its chapter 11 petition filed on Jan. 16, the company estimated that it had liabilities of between $10 million and $50 million.
