Monitor Company files for Chapter 11; Deloitte to buy assets

Thu Nov 8, 2012 10:36am IST

Related Topics

Coal Mining In The Punjab

Coal Mining In The Punjab

In Choa Saidan Shah miners dig coal with crude pick axes and load it onto donkeys to be transported to the surface earning a team of 4 workers around $10 to be split between them.  Slideshow 

REUTERS - U.S. consulting and advisory firm Monitor Company Group and its affiliates filed for Chapter 11 bankruptcy protection, court documents showed, and said it has agreed to sell its assets to global consultancy firm Deloitte.

As per the asset purchase agreement, Deloitte Consulting LLP will acquire Monitor's U.S. practice, and practices outside the United States will be acquired by certain other member firms of Deloitte Touche Tohmatsu Limited.

As a pure-play strategy consultant, Monitor said it was facing increasing financial pressure as a stand alone business, forcing it to file for Chapter 11 bankruptcy protection.

Monitor, which offers consulting services to corporations, governments, and social sector organizations, said that selling assets to Deloitte through the Chapter 11 route was the best option.

The company listed both estimated liabilities and estimated assets for the consolidated group in the range of $100 million to $500 million, according to a court filing.

The assets will be sold by means of a court-approved sale under Section 363 of the U.S. Bankruptcy Code.

"We have long admired Monitor for its excellence in strategy consulting and we are excited about the fit and compatibility of our practices," Michael Canning, national managing director of Deloitte Consulting LLP's Strategy & Operations practice, said in a statement.

The transaction with Deloitte would be completed once the company gets approval from the U.S. Bankruptcy Court in Wilmington, Delaware.

The Case is Monitor Company Group Limited Partnerships and affiliates, Case No. 12-13042, U.S. Bankruptcy Court, District of Delaware. (Reporting by Sakthi Prasad; Editing by Richard Pullin and Muralikumar Anantharaman)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Kerry Meets Jaitley

Kerry Meets Jaitley

U.S. raises WTO during Kerry's talks with Jaitley  Full Article 

WTO Row

WTO Row

Some WTO members discussing customs deal without India - sources  Full Article 

Fed Policy

Fed Policy

Fed presses forward with bond buying, cites uptick in inflation.  Full Article 

Q2 Profit Slips

Q2 Profit Slips

Samsung sees tough second half  Full Article 

Chinese Economy

Chinese Economy

China should set lower 2015 GDP growth target of 6.5-7 percent - IMF  Full Article 

Default Imminent

Default Imminent

Argentina fails to reach debt agreement   Full Article 

Economy Reboots

Economy Reboots

U.S. economy back on track with strong second-quarter rebound  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage