BearingPoint Inc, provider of technology and management consulting services, filed for Chapter 11 bankruptcy protection Wednesday and achieved a financial restructuring agreement with its senior secured lenders to reduce its debt and improve its capital structure.
The company's bankruptcy petition listed more than $1 billion in assets and more than $1 billion in liabilities, and estimated the numbers of creditors are between 50,000 and 100,000.
The filing was made with a pre-arranged restructuring plan which expects that the process to be completed on an accelerated basis, the company said.
Our day-to-day operations will continue uninterrupted and we want to assure our employees and customers that we remain committed to serving our clients and to providing world-class consulting solutions. This restructuring is an important step to secure a better and strong future for BearingPoint and we expect to emerge from this process in an expeditious manner, said Ed Harbach, CEO of BearingPoint in a statement.