Lear Fan Ltd. said it filed for liquidation.

The Denver-based aircraft company, which had been attempting to develop an experimental executive plastic-like aircraft with a rear propeller, filed for Chapter 7 liquidation proceedings in U.S. Bankruptcy Court. It listed assets of $7 million and liabilities of $475 million. The filing came just a few days after the principals, including the widow of aviation pioneer William Lear, created a general partnership apparently intended to retain the manufacturing rights to the project.