Virginia’s BearingPoint, a consulting firm, has struggled for a while with a few internal issues. Now, it is declaring Chapter 11 bankruptcy. From Reuters:
BearingPoint Inc (BGPT.OB), a provider of technology and management consulting services, filed for Chapter 11 bankruptcy protection on Wednesday and said it had reached an agreement with senior secured lenders to reduce its debt and improve its capital structure.
BearingPoint said it was facing near-term cash payment obligations and could have been required to repay all of its outstanding debt if it were delisted from the New York Stock Exchange.
The company’s bankruptcy petition listed more than $1 billion in assets and more than $1 billion in liabilities, and estimated the number of creditors at between 50,000 and 100,000.
Props to the folks at US News & World Report who called this one in advance.