The tough financial times have hit a top federal contractor. BearingPoint, a management and technology consulting firm, has filed for chapter 11 bankruptcy today, according to this announcement on the companyâ€™s Web site.
The company pledged to continue â€œbusiness as usualâ€ while it restructures to reduce its debt. BearingPoint has already negotiated the terms of the restructuring with its creditors and expects the process to move quickly, the company said.
BearingPoint ranks 74 among the top 100 recipients of government procurement dollars, raking in $790 million in federal contracts in 2008, according to USASpending.gov.
In a related press release, CEO Ed Harbach said:Â
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 solutionsâ€¦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.