|
|
19 Feb 2009
The former KPMG US consulting arm has entered into chapter 11 bankruptcy proceedings.
BearingPoint, which was renamed from KPMG Consulting soon after the consultancy split from KPMG in the US, reached a financial restructuring agreement with creditors to reduce its debt and improve its capital structure.
The refinancing includes a new debt facility, replacing unsecured debt with common stock and all existing equity in the company cancelled for no consideration.
'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,' said Ed Harbach, CEO of BearingPoint.
Its other offices around the globe are unaffected.
Further reading:
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment