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Growing Number Of Tech Firms Filing For Bankruptcy Protection.(A)
By Antonio A. Prado
Investor's Business Daily
Technology firms are exploring new territory -- the world of bankruptcy proceedings.
In the first few years of the so-called new economy, a relatively small number of tech companies filed for bankruptcy protection. But with the rash of dot-com failures and the slowing economy, more firms seem poised for Chapter 11.
That's a sign that the new economy is maturing, says Ted Janger, a Brooklyn Law School professor who specializes in creditor-debtor issues.
Some dot-coms will use bankruptcy to clean up the remnants of a failed firm.Others will file for protection to buy time with creditors during a sale. And others will use bankruptcy to restructure an otherwise viable firm, Janger says.
He's been watching tech-firm bankruptcies and studying how old legal rules can be applied in the new economy. He recently shared his findings with Investor's Business Daily.
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