A Baltimore circuit-board manufacturer once owned by former Baltimore Colts quarterback John C. Unitas and several partners has filed for Chapter 11 reorganization under the U.S. Bankruptcy Code.
Atlantic Electronics Inc. filed for protection from creditors in Baltimore last week listing debts of $4 million and assets of $3.5 million.
Atlantic Electronics was formed after Unitas and his partners sold the assets of National Circuits Inc. in 1990 to Atlantic for $1 million.
National Circuits was in Reisterstown but was moved to a site in Seton Industrial Park in Baltimore, where Atlantic Electronics continues to do business.
Unitas, who filed for Chapter 11 bankruptcy protection in February, testified at a creditors' meeting five months ago that he was employed by the New York parent company of Atlantic Electronics as vice president of customer responsibility. He works out of the office in Seton Park.
In its bankruptcy petition, Atlantic Electronics listed 200 creditors and said it had 85 employees.
Among the company's current debts is $78,883 owed to Baltimore Gas & Electric and a debt of $2.8 million to Mercantile-Safe Deposit & Trust Co.
Signet Bank has been attempting to collect on nearly $4 million in failed loans made to Unitas and several partners in the mid-1980s for the purchase of the circuit-board manufacturing company. The loans were personally guaranteed by all the partners and their wives. The bank has already received a judgment against the Unitases for $491,000 for part of the loan amount.