BearingPoint files for bankruptcy
- February 19, 2009
McLean-based BearingPoint Inc. has filed for Chapter 11 bankruptcy protection while it restructures its business.
The management and technology consulting firm said it had consulted with its creditors and decided Chapter 11 was the best method to allow the company to restructure and pay back heavy debt.
“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,” CEO Ed Harbach said in a statement.
The company says it plans to continue operating as normal under bankruptcy protection.
Without the protection, creditors in April could have required the company to pay back $200 million in loans, plus interest.
The company’s stock has been delisted by the New York Stock Exchange.