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BearingPoint files Chapter 11 under heavy debt
Wednesday - 2/18/2009, 12:27pm EST
MCLEAN, Va. - Technology consultant BearingPoint Inc. filed for bankruptcy on Wednesday, saying it had negotiated a "prearranged" bankruptcy plan with lenders that could help reduce its debt load.
The company filed for Chapter 11 in the U.S. Bankruptcy Court in the Southern District of New York, with $2.23 billion in total debt and $1.76 billion in total assets as of Sept. 30. The filing only includes the company's U.S. operations.
Chief Executive Ed Harbach said operations would continue as the company worked on its restructuring. It has filed a "prearranged" plan with the court, the company said in a statement.
"This restructuring is an important step to secure a better and stronger future for BearingPoint and we expect to emerge from this process in an expeditious manner," says Harbach in a prepared release.
The plan calls for the cancellation of all existing shares and for unsecured lenders, who rank lower, to be given common stock. A $500 million credit facility would be replaced with a $272 million term loan that carries accrued interest and a $130 million synthetic letter of credit facility. The McLean, Va.-based company said it was open to changing the plan if creditors' recovery could be increased.
BearingPoint hired Weil, Gotshal & Manges LLP as bankruptcy attorneys and AlixPartners LLP and Greenhill & Co. as financial advisers.
On the Web:
BearingPoint - BearingPoint Reaches Accord with Secured Creditors (Press Release)
(Copyright 2009 by The Associated Press and FederalNewsRadio. All Rights Reserved.)