We design and manufacture piezoelectric materials, transducers, turnkey integrated systems and optical solution technologies that support mission critical applications for military and essential commercial market platforms. Based in Santa Barbara, Calif. and with a second manufacturing site in Bolingbrook, Ill., Channel Technologies Group (CTG) first began manufacturing piezoelectric ceramics in 1959. Since that time, CTG has grown and developed unparalleled in-house expertise, allowing CTG to expand its product offerings to include piezoelectric ceramics, piezoelectric single crystals, transducers, turnkey sonar systems and electro-optical calibration and testing equipment. Our products are used in a multitude of applications, and by a wide variety of end-users including medical device manufacturers, marine explorers and energy companies. We also service customers in the defense industry, including several departments of the U.S. Navy and many leading defense contractors.
Channel Technologies Group filed for bankruptcy in October 2016. The action was not unexpected, as both BDCs involved in the Company had already written down their Preferred/equity exposure by 80%-100% at June 2016. The dollar amounts at risk are minimal, but the BDC Credit Reporter expects Realized Losses to follow in the future. We have the Company as Non Performing, and rated 5.