MONTVALE, N.J. – Geotek Communications Inc. announced it is shutting down all U.S.-based digital wireless networks and will no longer provide its proprietary wireless mobile logistics systems.
The company notified subscribers service will end Oct. 18. Also, the company will lay off about 160 employees in 11 U.S. markets and at its corporate headquarters.
Geotek filed for Chapter 11 bankruptcy protection in June when it became clear it was not generating the revenues needed to fund operations. Despite a $10 million debtor-in-possession loan to support operations while it pursued new financing and a plan of reorganization, the company must shut down. Geotek said it is now looking to negotiate additional DiP financing to support the Company’s continued pursuit of a plan and an orderly wind-down of its operations.
