The cable-box repair company Contec Holdings Ltd., owned by Bain Capital, has filed for bankruptcy protection due to low demands for its services. Contec officials say operations will continue as normal during the bankruptcy process, which is expected to be completed in 60 days.
The Huffington Post reports that lenders have agreed to loan the Schenectady, New York-based company a $25 million credit facility and $35 million for debtor-in-possession financing.
Republican presidential candidate Mitt Romney co-founded Bain Capital in 1984. In 1999, Romney left the company to manage the Salt Lake City Olympics. Bain purchased Contec Holdings in 2008.
If you or a loved one is considering filing for bankruptcy protection, contact bankruptcy lawyer Ryan J. Really, Attorney at Law, PLLC, by calling (239) 237-0675.
