BearingPoint – An Era Ends, For Now
Many of you know I have a long and strong connection with BearingPoint, Inc. So it was with great regret that I Tweeted early this morning that they have filed for Chapter 11 bankruptcy protection.
From the Reuter’s article:
BearingPoint Inc (BGPT.OB), which provides technology and management consulting services, filed for Chapter 11 bankruptcy protection on Wednesday and said it had reached an agreement with senior secured lenders to cut its debt load and strengthen its capital structure.
The McLean, Virginia-based company was laboring under a heavy debt load exacerbated by an acquisition spree between 1999 and 2002 when it made about 30 purchases, group hires or other transactions…BearingPoint’s clients include 15 U.S. federal cabinet level-departments, 23 U.S. states and all of the top 10 global drug and biotechnology companies.
The company employs about 15,200 people.
I have written many times about BearingPoint. My most recent post is below, under the heading The Big 4 and Consulting, I predicted their demise, barring a white-knight buyer. There are three pages worth of BearingPoint mentions in my archives, including my very first post, October 12, 2006.
My work with KPMG Consulting and later BearingPoint, (with a year and a half in-between when I was employed by our client JP Morgan in Latin America,) allowed me some wonderful adventures.
Maybe those will be fodder for my fiction debut… Enjoy.
@Tenacious Truman Comments are now open here.
My comment to “Enjoy” refers to the three pages of posts on this site with BearingPoint references.
Google and see Above the Law article yesterday on Deloitte tax layoffs. Someone should tell Deloitte that it is a bad idea to target tax attorneys. Yes, they do cost more (salary), but they usually have employment attorney friends.
I thought PwC was buying them?
Sorry to hear that – hope the employees survive the restructuring.