With $1 billion on debt and a looming repayment deadline, BearingPoint
filed for Chapter 11 bankruptcy for its US operations today. The company has asked the courts to allow operations to continue
uninterrupted during the reorganization.
In a statement, the CEO Ed Hapbach said:
Government is one of its three major practice areas, a practice which ranges from federal defense work to management and technology consulting to state and local governments.. Based in McLean, Virginia, USA, the firm, which emerged from KPMG, has approximately 17,100 employees.
In a statement, the CEO Ed Hapbach said:
BearingPoint has reached agreement with our lead creditors to significantly reduce our debt. To implement the agreement, the company commenced a pre-arranged Chapter 11 process on February 18, 2009. This is a major step forward in securing a stronger financial foundation and better future for our company, our clients and our employees.
We will continue to operate our business as usual while we complete our restructuring.
Because we have already negotiated terms of our restructuring with our lead creditors, we expect to emerge from this process quickly.
Government is one of its three major practice areas, a practice which ranges from federal defense work to management and technology consulting to state and local governments.. Based in McLean, Virginia, USA, the firm, which emerged from KPMG, has approximately 17,100 employees.
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