By Bill Kenealy
McLean, Virginia-based BearingPoint Inc. has filed for Chapter 11 in the Southern District of New York.
The consultancy says the filing was made with the support of its debtors, and will significantly reduce its debt and improve its capital structure. The firm, which began as the consulting arm of KPMG, took on debt through acquisitions following its 2001 initial public offering.
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, Ed Harbach, CEO of BearingPoint 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,
The Companys operations based outside the United States are not included in the filing, and will not be affected.
This article was orginally published on InsuranceNetworking.com.
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