BearingPoint Inc., the consulting firm spun-off from KPMG in 2001, has filed for bankruptcy protection.
BearingPoint Inc. said it filed for bankruptcy-court protection after reaching a deal with its lenders as part of a debt-reduction effort.
The McLean, Va., management and technology consulting firm said its operations based outside the U.S. aren’t included in the filing and won’t be affected.
BearingPoint had been reporting weakened results for some time, and in late 2007 named a new chief executive in hopes of turning around its fortunes.
Wednesday, BearingPoint’s stock was trading around 30 cents on the over-the-counter bulletin board. The stock traded at a split-adjusted $60 on Sept. 3, accounting for a 1-for-50 reverse split in December before careening to a split-adjusted $1.50 in November amid concerns about the company’s viability.