Friday, November 7, 2008

MPC Files Chapter 11

Nampa, Idaho-based MPC Corporation said Friday that the firm and all of its direct and indirect subsidiaries have filed for Chapter 11 bankruptcy. According to the firm, it filed for bankruptcy in the United States Bankruptcy Court for the District of Delaware. MPC blamed "unforseen issues" surrounding the integration of its Gateway Professional business unit, and issues with its manufacturing partner, for extensive losses. The bankruptcy filing follows delisting of the firm October 27th from the AMEX on mounting fiscal losses. MPC said it has retained Focus Management Group USA, LLC as financial advisors to the company to assist in the bankruptcy process, and Reed Smith, LLP to represent it in its bankruptcy case. The firm said it does not expect any distribution to its equity holders in the bankruptcy. MPC was a provider of computers and PCs to the business and government market.