Bain-owned company files for bankruptcy protection
NEW YORK |
NEW YORK Aug 29 (Reuters) - 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.
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