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BearingPoint seeks Chapter 11

February 19, 2009|Times Wire Reports

Technology consultant BearingPoint Inc. filed for Chapter 11 bankruptcy, saying it had negotiated a "prearranged" plan with lenders that could reduce its debt load.

In U.S. Bankruptcy Court in New York, the McLean, Va., company declared $2.23 billion in total debt and $1.76 billion in total assets as of Sept. 30. The filing includes only the company's U.S. operations.

The company has faced heavy debt after buying several consulting companies from 1999 to 2002. It was the subject of a Securities and Exchange Commission probe of its accounting practices in 2005.

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