Standard MEMS to liquidate

Nov. 15, 2002 — The case of Standard MEMS Inc., the Burlington, Mass.-based MEMS fab that sought Chapter 11 reorganization protection in September, has been converted to a Chapter 7 liquidation bankruptcy, according to court records.

The company was originally granted Chapter 11 protection in Delaware, the state in which it is incorporated. In mid-October, the case was transferred to Massachusetts in response to a motion filed by some of its creditors, including Kavlico Corp., Rite Track Inc., SAP America Inc., Unaxis USA Inc.

Records show that the case was converted to Chapter 7 in late October on the grounds that Standard MEMS’ remaining assets were underinsured and the value of its estate was eroding.

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