A federal bankruptcy court approved the liquidation of Connexion Technologies, a comet in the Triangle business universe that at its peak had employed more than 600 people.
The heavily leveraged company, founded by Cary's former mayor, applied for bankruptcy protection in April under Chapter 11 of the bankruptcy code, the provision that protects the business from creditors and buys time for restructuring.
But the company asked the court to convert the bankruptcy filing to Chapter 7, clearing the way for liquidation of assets and dissolution of the business. The U.S. Bankruptcy Court in Delaware approved the change Monday.
Connexion was celebrated as a promising Triangle startup and as recently as 2011 the Cary company had made Inc. Magazine's list of the nation's fastest-growing private companies. Its fortunes sank with the real-estate crash that froze residential development on which Connexion's expansion plans depended.