GlassHouse Technologies Files Chapter 7 Bankruptcy

Written by CFB Blogger. Posted in Blog

GlassHouse Technologies, a venture-backed data center services provider headquartered in Southboro, Massachusetts, has filed Chapter 7 bankruptcy. The company, which had twice withdrawn plans for an IPO (Initial Public Offering), listed less than $1 million in assets but an overwhelming $50 million to $100 million in debt. According to an article in the Boston Herald by Donna Goodison, GlassHouse had raised approximately $91.3 million in venture funding from such investors as Kodiak Venture Partners, GrandBanks Capital, and Globespan Capital Partners, since its start in 2001. “GlassHouse shelved plans in 2011 for a $75 million IPO filed the year before, citing an uncertain economic climate. It also withdrew its first 2007 filing for a $100 million IPO in 2009,” the article reports. The Chapter 7 bankruptcy filing comes just two months after Signature Technology Group bought its U.S. consulting division for undisclosed terms. A British subsidiary of GlassHouse also faced financial troubles over unpaid value-added taxes before receivers were called in this spring, cite published reports. For experienced and knowledgeable Chapter 7 or Chapter 13 personal bankruptcy assistance, trust the attorneys from Client First Bankruptcy who have helped thousands of satisfied clients discharge their debt. For your free initial phone consultation, please call our knowledgeable and compassionate lawyers toll-free Monday through Friday from 8:30 a.m.-6:00 p.m. Central Time at 800-383-6004.  And you can log onto www.clientfirstbankruptcy.com for vital and timely bankruptcy information 24/7 so you can get the information you need at your convenience. You and your family deserve to live without overwhelming debt hanging over your head. Call us; talk to us; we may be able to help you and your loved ones get out from under the burden of overwhelming debt.