MORGANTOWN — With increased occupancy rates and plans of further development, the bankruptcy case for a local technology park is over.

This week, a bankruptcy judge dismissed the bankruptcy case for the West Virginia High Technology Consortium and its sister corporation. The companies asked the court to dismiss the case earlier this month.

Their biggest asset is the I-79 Technology Park, in Fairmont, which hosts research projects and other work. NASA and Mon Power both have facilities in the park.

When the groups filed for bankruptcy they noted that a decrease in federal contracts led to unoccupied spaces in the facility and an unsustainable cash flow.

The filing came on the heels of a federal lawsuit, in which Huntington Bank alleged the consortium owed it nearly $20 million. A court document states that once the case was dismissed, the consortium will pay money owed in full.

According to Director, President and CEO Jim Estep over the last year occupancy rates rebounded and revenues also returned. The technology park resumed to normal operations.

The group still plans to sell two buildings at the facility – which were marketed and their sales approved during the bankruptcy proceedings – and the money will be used for further development of the park, according to Estep.

While he didn’t name the organization, there is also interest from a federal group in some of the new space, according to Estep.

The High Technology Consortium also offered land to Amazon as part of Pittsburgh’s bid for the tech-giants’ second headquarters. Pittsburgh was named as one of 20 finalists for the facility. WVU leaders and other officials talked about the Morgantown/North Central West Virginia assisting in Pittsburgh’s efforts.

In 2018, the park will continue its economic diversification efforts for the state, according to Estep.

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