Not the best MAGLEV news this week. The proposed Pittsburgh MAGLEV route has filled for Chapter 11 to get out of debts while waiting for $28 Million in Federal Grants already promised but not released.
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Maglev Inc. boards train to bankruptcy
The company that once planned a high-tech, magnetically levitating train from Pittsburgh International Airport to Greensburg has come off the rails.
McKeesport-based Maglev Inc. this week filed for Chapter 11 bankruptcy in an effort to reorganize, get out from under its debts and continue waiting for about $28 million in federal grants that were promised but hadn't been signed over to the company, President Fred Gurney said.
"It's just part of the economy being down. We've got the money out there, but the funds aren't being released," he said on Wednesday. "If we were shutting down entirely, we'd have done it long ago; we believe in what we're trying to do."
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