WICHITA FALLS, Tx (RNN Texoma) - Newschannel 6 has learned Amfuel will cease operations in Wichita Falls by December 31.
Tuesday, Amfuel President and CEO Len Annaloro said the 20 employees were told local operations would end by the end of the year. But all employees have been offered positions at the Amfuel facility in Magnolia, Arkansas.
Just last week it was announced American Fuel Cell and Coated Fabrics, also known as Amfuel, filed for Chapter 11 Bankruptcy.
Annaloro sent this statement to Newschannel 6 following the bankruptcy announcement, "The main reason why we filed was to relieve Amfuel from prior inherited debt. This will place us in a better financial position for our future growth."
Tuesday, Annaloro said the company has been advised it would take a $4 million investment to get the Wichita Falls operation up to speed and that is something he said they cannot afford at this time.