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Another private New York business has filed for bankruptcy as reported by Reuters on August 29th, 2012.
Bain Capital LLC filed a bankruptcy petition seeking a Chapter 11 protection for its small cable-box repair company. Although the company repairs roughly 2 million cable boxes yearly, they have found themselves in severe debt. The company listed their liabilities to be between $100 million and $500 million with only $50 million to $100 million in assets.
The company, which was originally co-founded by Republican presidential nominee Mitt Romney, stated that they do not believe the bankruptcy will affect any of the employee’s jobs. Looking for the positive, the company’s management stated that they view the Chapter 11 filing as a way to potentially strengthen and help grow their business in the future. Although it is a New York-based company, the bankruptcy was filed in a Delaware bankruptcy court.
The law offices of Jayson Lutzky, P.C. has over 29 years of experience. If you are considering bankruptcy, call us today at (800) 660-LAWYER(5299) to set up a free initial consultation. You can also visit us on the web at www.BankruptcyNYC.com.