Epiq Systems, Inc. Reports Continued Strong Chapter 11 Bankruptcy Retentions
* Reuters is not responsible for the content in this press release.
KANSAS CITY, Kan., June 1, 2009 (GLOBE NEWSWIRE) -- Epiq Systems, Inc.
(Nasdaq:EPIQ) today reported that it is managing an all-time record number of
concurrent major Chapter 11 corporate restructuring engagements. The company has
achieved the leading market share for its sector and proactively added
significant resources to expand the capacity necessary for additional
retentions. Corporate restructuring engagements are generally multi-year
assignments characterized by a recurring revenue component and revenue
visibility into future periods.
A partial selection of matters on which Epiq Systems has been retained includes
Chrysler LLC, Lyondell Chemical Company, AbitibiBowater Inc., Nortel Networks,
Smurfit-Stone Container Corporation, Lehman Brothers Holdings Inc. as well as
the related matter of the Securities Investor Protection Act (SIPA) proceedings
involving Lehman Brothers Inc. and the transfer of customer assets to Barclays.
Tom W. Olofson, chairman and CEO and Christopher E. Olofson, president and COO
stated, "Based on global macroeconomic conditions and continuing high debt
levels, many analysts forecast that new filings will continue across all
chapters of bankruptcy during the balance of 2009 and into 2010. We are focusing
our Chapter 11 marketing efforts on a significant pipeline of engagements that
are consistent with established Chapter 11 business practices and pricing models
and where we can provide the best results for our clients and shareholders. In
our trustee services business, aggregate trustee deposits are very high."
According to the Administrative Office of the U.S. Courts, bankruptcy filings
were up 31% for the 12 month period ending December 31, 2008 (the most recently
reported period) versus the same period in 2007. During this period, Chapter 7
filings were up 43%, Chapter 11 filings were up 60%, and Chapter 13 filings were
up 12%.
As previously announced, Epiq Systems will convene its Annual Meeting of
Shareholders at 10:00 a.m. Central time on Wednesday, June 3 at the
Intercontinental Hotel, 401 Ward Parkway, Kansas City, Missouri. The meeting
will be broadcast over the Internet and can be accessed at www.epiqsystems.com.
About Epiq Systems
Epiq Systems is a leading global provider of integrated technology solutions for
the legal profession. Our solutions streamline the administration of bankruptcy,
litigation, financial transactions and regulatory compliance matters. We offer
innovative technology solutions for electronic discovery, document review, legal
notification, claims administration and controlled disbursement of funds. Our
clients include leading law firms, corporate legal departments, bankruptcy
trustees and other professional advisors who require innovative technology,
responsive service and deep subject-matter expertise.
The Epiq Systems, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5250
-0-
CONTACT: Epiq Systems, Inc.
Lew Schroeber, Investor Relations
913-621-9500
ir@epiqsystems.com
www.epiqsystems.com
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.



Follow Reuters