United Electronics Corporation, a South Florida based company, has filed for Chapter 11 bankruptcy protection. The company employs 80 people, manufactures power connectors, power distribution panels and cable assemblies, and is a top supplier for the United States military, commercial and original equipment manufacturers.
By filing for Chapter 11 bankruptcy protection, United Electronics Corporation will be able to continue operating, although under Court supervision, with the objective of restructuring and providing a plan for approval by the Court to satisfy their debts. Creditors may not pursue existing or new debt collection activities during the bankruptcy period.
United Electronics Corporation was established in May 2003 and underwent an ownership change in December 2013. The bankruptcy was filed on February 4, 2014. The bankruptcy filing cites debts of more than $10 million, assets of less than $500,000, litigation by previous owners and declining business during the recent recession.
Headquartered in Davie, Florida, United Electronics Corporation is the only company that meets the specific compliance requirements for listing on the federal quality products list (QPL) as a connector manufacturer producing complete ground power systems for the military, including but not limited to; connectors, cabling, power panels, generators, shelters, trailers, maintenance repair operations, micro-grids, and other mobile tactical applications.
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