QualTek Files for Bankruptcy as Liquidity Squeezed by High Costs

QualTek Services Inc., a provider of infrastructure services to renewable energy and telecommunication firms, filed for bankruptcy on Wednesday along with more than a dozen subsidiaries.

The Blue Bell, Pennsylvania-based company listed $689 million in assets and $790 million in liabilities, according to court papers.

Under its Chapter 11 plan, the firm hopes to cut its debt almost in half by shaving off $307 million. QualTek has also proposed a $65 million debtor-in-possession facility to fund itself through bankruptcy, according to a statement.

“We are entering this process with the overwhelming support of our lenders and customers, ...