Pennsylvania maglev firm files for bankruptcy
Written by William C. Vantuono, Editor-in-ChiefMcKeesport, Pa.-based Maglev, Inc., the frontrunner expected to land any maglev project serving Pittsburgh International Airport, has filed for Chapter 11 bankruptcy as it attempts to reorganize and await a $28 million federal grant.
Maglev, Inc. has sought to develop a 54-mile, $5.25 billion electromagnetic magnetic levitation train line linking the airport, downtown Pittsburgh, and Monroeville and Greensburg, Pa.
"It’s just part of the economy being down, “company President Fred Gurney said in explaining the move. “We’ve got the money out there, but the funds aren’t being released. If we were shutting down entirely, we’d have done it long ago; we believe in what we’re trying to do."
The bankruptcy filing reportedly indicates the company has $50,000 or less in assets.
