Statordyne Corp.: The Anaheim designer and manufacturer...

Statordyne Corp.: The Anaheim designer and manufacturer of power protection equipment said Friday that a group of its largest creditors has initiated bankruptcy proceedings against the company. Statordyne said it will consent to the involuntary petition for the company to enter Chapter 11 bankruptcy reorganization. “The company intends to maintain normal business operations during the proceedings and provide continued service to its customers,” said Kenneth Ruck, chairman and chief executive of Statordyne.

The electrical manufacturer has had difficulties for several months. In March, Statordyne was delisted by the American Stock Exchange for failing to meet the $1 million shareholder equity minimum.