EI Technologies Files for Bankruptcy Protection

摘要

Endicott Interconnect Technologies has filed for Chapter 11 bankruptcy in July and plans to sell its assets. The company, which was spun off from IBM in 2002, said it could not keep up with price competition from overseas competitors. EI Technologies sustained operating losses of nearly $100 million over the four-year span ending in 2012, the company said. In a July 10 letter to employees, chief restructuring officer David Van Rossum said that EI investors have poured about $50 million in the company, to no avail. According to the bankruptcy filing, the firm owes nearly $90 million to creditors.