BearingPoint files for bankruptcy
Firm is one of largest companies in federal management and technology consulting market.
BearingPoint, one of the largest management and technology consulting firms in the federal market, announced Wednesday that it had filed for Chapter 11 bankruptcy protection.
The company announced that the decision was made "after an exhaustive review of alternative options." Officials said BearingPoint would maintain normal operations during a restructuring process that will occur in the wake of the filing.
In connection with the filing, the firm announced that it had negotiated a financial restructuring agreement with its major lenders that "will significantly reduce its debt and improve its capital structure."
"We want to assure our employees and customers that we remain committed to serving our clients and to providing world-class consulting solutions," said BearingPoint CEO Ed Harbach. "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."
BearingPoint was ranked 93rd among the contractors in Government Executive's 2008 listing of the top 200 federal contractors. Its $517 million in contracts for fiscal 2007 were about evenly split between the Defense Department and civilian federal agencies.