PracticeConsultingBearingPoint US enters bankruptcy proceedings

BearingPoint US enters bankruptcy proceedings

Major US IT consultancy enters administration

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:

BearingPoint
Seeks Bankruptcy Protection

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