With several law suits pending against them, the now defunct Quartz Mountain Aerospace company has filed for bankruptcy protection. The company filed earlier this week in federal court in Oklahoma City.

The former Luscombe Aircraft company is listing $30.4 million in assets and $16 million in liabilities.

QMA is looking to liquidate assets in order to pay off a number of creditors from local banks and the City of Altus, as well as regional and national creditors including the Oklahoma Industrial Finance Authority and the Oklahoma Tax Commission.

Now in question is how the bankruptcy filing will affect the City’s decision to seek permanent access to the QMA facility, the sale of the QMA aircraft, and current suits filed between local bankers, and the City of Altus. A meeting of creditors has been set for Dec. 21 in the federal courthouse in Lawton.

QMA is being represented by Mark B. Toffoli of Andrews Davis PC in Oklahoma City, and Janice Loyd of Oklahoma City has been appointed as bankruptcy trustee.

Assets QMA is listing include $16 million for the Federal Aviation Administration's type certificate of the company's Model 11-E, #13 million in inventory and equipment, and $1.36 million in aircraft and associated accessories.

In Altus, creditors include the Altus Municipal Authority who loaned QMA $200,000 and Altus/Southwest Economic Development Corporation who loaned them $220,000.

First National Bank is looking to recoup $267,593 in loans, and First State Bank of Altus and subsidiaries are seeking $5.9 million.

They also owe the Oklahoma Industrial Finance Authority $1.13 million, unsecured claims of $1.3 million which includes unpaid wages and salaries to 133 former employees, $109,400 in unpaid payroll taxes and $35,000 to the Oklahoma Tax Commission.

The list of other creditors is a long one, including trade debts to around 300 different parties, personal loans, property taxes, utilities, and insurance premiums.