Subba’s Serendipitous moments

February 19, 2009

BearingPoint files for bankruptcy

Filed under: Business,Model — Subbaraman Iyer @ 9:18 pm
Tags: , ,

BearingPoint (16,000 employees) which was spun out of KPMG in 2001 filed for bankruptcy. BearingPoint provides technology and management consulting solutions and had always reported losses since 2001.

The bankruptcy petition listed more than $1 billion in assets and more than $ 1 billion in liabilities. 30% of its business came from Government contracts and the firm may have to sell off some its business units to help deal with the debt.

I am still trying hard to understand how is it possible for a consulting and services firm to have so much debt.

Tags: , ,

Powered by Qumana


Leave a Comment »

No comments yet.

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: