View Full Version : Bain-Owned Company, Files For Bankruptcy
08-31-2012, 01:16 AM
Link to original article. (http://www.huffingtonpost.com/2012/08/30/contec-holdings-bankruptcy_n_1843474.html?ncid=edlinkusaolp00000003)
"NEW YORK -- A cable-box repair company owned by the private equity firm Bain Capital is filing for bankruptcy protection, citing weakened demand for its services in recent years.
Contec Holdings Ltd. said Thursday it will continue to operate as usual during its Chapter 11 reorganization. The Schenectady, N.Y.-based company expects to complete the process and reduce long-term debt within 60 days.
The company's reorganization plan was filed in the U.S. Bankruptcy Court for the District of Delaware. It said that lenders have agreed to provide a $25 million credit facility and $35 million in debtor-in-possession financing as part of the reorganization, which will let it make payments to employees and suppliers.
As of July 28, Contec said in its bankruptcy filing that it had about 2,300 employees, the vast majority of them in Mexico. The company says it has 177 employees in the U.S. Contec said no jobs will be impacted by the bankruptcy."
08-31-2012, 07:55 AM
and WHO exactly is running BAIN Today ?
I heard it was one of 'The Anointed Ones' shower buddies
08-31-2012, 08:19 AM
not just Contech cellar dweller
CHL Ltg. - Bain is the primary share holder 2,133,xxx shares held
CHL, Ltd., et al Website (http://www.contecinfo.com/)
Lockheed Martin went though bankruptcy
but Again WHO IS RUNNING BAIN NOW
08-31-2012, 08:22 AM
[As of July 28, Contec said in its bankruptcy filing that it had about 2,300 employees, the vast majority of them in Mexico. The company says it has 177 employees in the U.S. Contec said no jobs will be impacted by the bankruptcy."
Boy...explain what in any of this is the slightest bit "newsworthy". I frankly have no idea how the engineering company I sold in 1996 is doing either..should I have kept track?
08-31-2012, 08:22 AM
Bain Capital’s Contec Holdings Files for Bankruptcy (http://www.bloomberg.com/news/2012-08-29/bain-capital-s-contec-holdings-files-for-bankruptcy.html)
U.S. Republican presidential nominee Mitt Romney co-founded Bain in 1984. Romney left Bain in 1999 to oversee the Salt Lake City Olympics and served as governor of Massachusetts from 2003 to 2007. Bain acquired Contec in 2008 from American Capital Ltd. (ACAS), a Bethesda, Maryland-based asset manager, which said at the time that it made $120 million from its two-year investment in Contec, including dividends and profit from the sale.
Contec, founded in 1978, repairs millions of digital cable set-top units, modems and satellite receivers each year, according to its website. It has repair plants in Schenectady, Seattle, Mexico City and Matamoros, Mexico, where it opened a 240,000-square-foot facility in January 2009.
Bain, a Boston-based private-equity firm that manages $65 billion in assets, has invested in companies such as Toys “R” Us Inc. and Dunkin’ Brands Group Inc. (DNKN)
CHL Ltd. (CHL), Contec LLC, Contec Licenses LLC, WorldWide Digital Company LLC, Contec de Mexico, S. de R.L. de C.V., Ensambladora de Matamoros S. de R.L. de C.V., and Contec Acquisition Corp. also sought protection.
The case is In re CHL Ltd., 12-12437, U.S. Bankruptcy Court, District of Delaware (Wilmington).
To contact the reporters on this story: Dawn McCarty in Wilmington at email@example.com; Beth Jinks in New York at firstname.lastname@example.org
To contact the editors responsible for this story: Stephen Farr at email@example.com; Jeffrey McCracken at firstname.lastname@example.org
08-31-2012, 08:38 AM
The company says it has 177 employees in the U.S. Contec said no jobs will be impacted by the bankruptcy."
Sounds like they're better off than the millions of unemployed Americans that Obama has failed to help.
08-31-2012, 09:01 AM
I frankly have no idea how the engineering company I sold in 1996 is doing either..should I have kept track?
if you were a conservative running for Public Office, you would be uncaring and hateful for not keeping track of he company ... and YOUR Former Employees
08-31-2012, 09:12 AM
I think nhboy is saying that without Romney to lead the company they're not doing as well as when he was in charge and he knows that America will prosper like Bain did when he was at the helm
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