Economy & Business News

In a news release, the McLean consulting agency BearingPoint stated that they were filing for bankruptcy protection under a chapter 11 bankruptcy. There was a very real possibility that their stocks were going to be delisted from the New Your Stock Exchange and all of its loans would have to have been repaid. Trading of the company’s stock had already been halted by the exchange and its stocks were only worth pennies in today’s market. Too bad you cannot really do a Lawsuit for that.

The Bearing Point chief executive Ed Harbach, made the statement that there operations would continue without interruption and their commitment to employees and customers would continue to provide “world-class consulting solutions.” Not sure where they are going to get the funding. By the way if you are in the state of Washington and are in need of a premium Washington state bankruptcy lawyer then by all means take a look at this site.

BearingPoint has clients from the Department of Health and Human Services to the Marine Corps. Government contracts with the firm reached $520 million in 2007. BearingPoint employs or provides Funding for about 15,000 people from all around the world.

The Chapter 11 bankruptcy filing was done in the Southern District of New York. A company spokesman reports that senior management will stay in place. There are no plans for layoffs in the near future. The company’s operations outside of the United States will not be affected

News reports out of Washington: By now everyone knows that that United State House Speaker Nancy Pelosi is of the opinion that the U.S. Congress or the President should intervene (and has to some degree) to prevent the auto industry from filing for bankruptcy. In a press meeting in Washington DC, Pelosi state “Everybody is disadvantaged by bankruptcy, including our economy, so that’s not an option.” She was speaking of the current automobile industry crises. The laws support this.

It is believed that Congress will approve new loans for the three automobile makers and the funding will come from the seven hundred billion bail out plan the Congress approved last month. Also according to reports, Senate Majority Leader Harry Reid went on to state that: “We’re looking to make sure we do everything we can to take care of the auto industry, if in fact it’s viable.”

All in all, national automakers submitted their plans to Washington explaining what their plans are to achieve financial stability and thus prevent bankruptcy have appeared before lawmakers.  By the way if you require an attorney who is very knowledgable concerning the relevent washington bankruptcy laws then might I recommend Jason Newcombe as he is one of the top washington  bankruptcy laws specialists out there and can help you with a broad variety of different cases. He is based in the Seattle and greater Puget Sound area.

According to media reports, Ford Motor Company is asking Congress for a credit line of up to nine million. In addition, GM is asking for up to $18 million in credit and Chrysler LLC is asking for a $7 million bridge loan.