Epixtar files for bankruptcy
First posted 04:03pm (Mla time) Oct 12, 2005=20 By Erwin Lemuel Oliva INQ7.net=20
CONTACT center operator Epixtar Corp. has filed for bankruptcy in Miami along with all its significant United States-based subsidiaries, INQ7.net learned Wednesday.
A similar filing was made in the Philippines on October 7 on behalf of the company's Philippine subsidiary, the company announced Tuesday.
Epixtar Corp. headquarters is based in Miami, Florida but it operates a contact center in the Philippines.
The firm sought protection under Chapter 11 of the Federal Bankruptcy Code in Miami Federal Bankruptcy Court on October 6.
"The action is the necessary and responsible step to preserve Epixtar's value for our creditors, customers, employees, business partners and other stakeholders as we address our financial challenges and work to secure our future," said Martin Miller, Epixtar's chief executive officer, in a statement published by PRNewswire service on October 11.
The announcement was also posted at the Yahoo Finance website.
(
http://biz.yahoo.com/prnews/051011/fltu029.html?.v=3D6)
A Chapter 11 filing allows a company to continue operations while undergoing a rehabilitation plan.
"Epixtar is open for business as usual and will continue normal operations throughout the reorganization process. Our first priority remains our clients -- we are committed to continue to provide them with the quality service that they have come to expect from Epixtar," Miller added in the statement.
The lawyer of Epixtar's operations in Manila was unavailable for comment as of this posting.
Last month, Epixtar disclosed that it was undergoing a reorganization, which led to job cuts in its Manila operation.
The reorganization of the US-based call center facility has affected close to 100 out of the 1,700 employees in Manila, said lawyer Carina Bayon, Epixtar International Contact Center Group Inc. vice president for human resource and legal, during an earlier interview with INQ7.net.
Employees affected by the streamlining program, which began in July this year, were offered severance packages. Those who chose to stay had to accept salary cuts.
Epixtar files for bankruptcy protection.
Reply With Quote
Posting Permissions
