LEDs + Lighting

Voltarc Assets Sold to Light Sources

Competitor buys the company’s personal property in bankruptcy court.

Published

15 years ago

August 26, 2009

Jacob Rieskamp Signs of the Times August 2009 Issue

The assets of Waterbury, CT-based Voltarc Technologies Inc. have been sold in a U.S. Bankruptcy Court in New Haven to Orange, CT-based Light Sources Inc., which specializes in low-pressure quartz germicidal lamps, specialty fluorescent lamps and unique-application gas-discharge lamps.

The order, reported the Waterbury Republican-American, was signed by Judge Lorraine M. Weill and approves the sale of all the company’s pesonal preperty, including equipment, machinery, vehicles, contract rights and patents, and other intellectual property. The deal, which was scheduled to close Friday, July 31, doesn’t include Voltarc’s accounts receivalbe, which will be assumed and collected by the company’s senior lender, Asset Based Resource Group.

Gino Ciancanelli, Light Sources’ VP and a former Voltarc employee, said the company has interviewed (and will interview) some of Voltarc’s former employees. Between 80 and 85 Voltarc workers were terminated Monday, July 27.

Ciancanelli confirmed Light Sources will move the assets it acquired to its headquarters in Orange and won’t continue to lease Voltarc’s former headquarters in Waterbury.

More details will follow on SignWeb.

Related Topics:August 2009 LEDs + Lighting

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