MDC: XCOR Files for Bankruptcy

MIDLAND, Texas (Local 2/Fox 24) - XCOR has filed for chapter 7 bankruptcy. 

Officials with the Midland Development Corporation confirmed the news Friday afternoon. 

As you may recall, XCOR implanted itself within the City of Midland back in 2012. 

However, after nearly five years the company announced in July they would be making major layoffs in the Tall City. 

Acting CEO Michael Blum said the layoffs were a result of a cancelled contract, leaving about 20 employees without jobs.

The situation worsened this week when the company filed for chapter 7 bankruptcy.

Now, members of the MDC are trying to find a way to protect their investment in the company. 

"The Midland Development Corporation is disappointed in the fact that XCOR was not able to get financing to carry on business in Midland; all of which resulted in their recent filing for ch. 7 bankruptcy. We are evaluating our current investment position, and we will do everything we can to protect that investment to the fullest extent of the law." -Brent D. Hilliard, Chairman of the Midland Development Corporation, said in a statement. 


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