The former KPMG US consulting arm has entered into chapter 11 bankruptcy
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
‘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
Its other offices around the globe are unaffected.
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