Tags: Bain | Contec | Chapter-11 | Bankruptcy

Bain-owned Contec Holdings Files for Bankruptcy

Wednesday, 29 Aug 2012 08:09 PM

Contec Holdings Ltd, a cable-box repair company owned by private equity firm Bain Capital LLC, filed for bankruptcy Wednesday.

The Schenectady, New York-based company filed for Chapter 11 protection in Delaware bankruptcy court, listing $100 million to $500 million in debt and $50 million to $100 million in assets.

Bain Capital acquired Contec in 2008, nine years after Bain co-founder and Republican presidential nominee Mitt Romney has said he left the firm to manage the 2000 Salt Lake City Winter Olympics.

Contec said in a statement it had reached an agreement with the majority of its senior lenders that should allow it to emerge from Chapter 11 within 60 days.

"No jobs are expected to be impacted by this reorganization process, and we believe Contec will emerge from this process in an even stronger position to grow our business," Wes Hoffman, Contec's chief operating officer, said.

The company repairs more than 2 million cable boxes annually, according to the statement.

A Bain spokesman could not immediately be reached for comment.

© 2017 Thomson/Reuters. All rights reserved.

1Like our page
2Share
170
2012-09-29
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved