Posted on Tuesday, September 4th, 2012 at 7:57 pm
Last week, Contec Holdings Ltd. filed for Chapter 11 bankruptcy protection after listing nearly $500 million in debt with only $100 million in assets. Contec, a cable-box repair company, is owned by Bain Capital.
The New York-based company has stated that it plans on emerging from bankruptcy within 60 days and will continue to operate as normal during the process, the Huffington Post reports. Contec lists more than 2,300 employees, most of who work in Mexico.
Contec was founded in 1978 and was acquired by Bain Capital in 2008. Republican presidential nominee Mitt Romney co-founded Bain in 1984 and worked for the company until 1999.
If you are wondering whether or not bankruptcy is right for your business, contact the business bankruptcy attorneys at the Law Office of Russell Van Beustring, P.C., at 713-973-6650.