Chapter 11 bankruptcy filing by Impeva Labs 0
Another one bites the dust. It seems so many companies and enterprises are biting the dust and you can blame it on the recession. From hotels to restaurants, race horses and real estate companies to research labs, the recession bug has bitten everyone real big as companies run for cover. Impeva Labs is an advanced RFID services and global tracking company. On Monday it announced that it had gone in for chapter 11 bankruptcy filing, which is not really surprising given the sorry state of its finances. The company has received some financial support from ARINC Engineering Services LLC for day to day functioning, product development initiatives as well as device production and sale closing.
Impeva Labs has already spent more than $22 million from the time it commences operations. The CEO of the company has thanked ARINC Engineering Services LLC for the help and support it has received materially in these very trying times. The company would go in for a painful restructuring process so that it can meet its financial obligations. The company can get a $1.2 million loan once the chapter 11 bankruptcy can be filed. This will help it tide over the times a bit more till it can get its house in order.
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