Prime Core Technologies Files for Chapter 11 Bankruptcy (1)

Prime Core Technologies Inc. files for Chapter 11 bankruptcy protection in Delaware, according to a court filing.

• Estimated liabilities: $100m-$500m
• Estimated assets: $50m-$100m
• In a separate statement by subsidiary Prime Trust LLC, the filing follows the permanent appointment of John Guedry as receiver for the company as well as the appointment of John Wilcox and Michael Wyse, along with Guedry, as members of a special restructuring committee
  • Co. will continue to manage businesses as “debtors-in-possession”
  • Aims to file a number of motions, including requests to continue to pay wages and provide benefits to ongoing employees as usual
• NOTE: In ...