Contec Holdings Ltd., a cable-box repair company owned by Bain Capital, is preparing to file for bankruptcy protection as soon as this week, said people familiar with the matter.
Contec is expected to file a so-called prepackaged bankruptcy, in which creditors bless a restructuring plan ahead of time and thereby limit the company’s stay in court proceedings, the people said.
Bain, a Boston-based investment firm, acquired Contec from another buyout shop in 2008. The restructuring agreement will wipe out Bain’s investment, which the firm has already written down to zero, and hand Contec to lenders,
Oh, no!?!?! Say it ain't so?!?! Mister "I Like To Fire People" is watching another one of their holdings go down the tubes?!?! But I thought he was such a great "business man"!?! Oh, wait... He can play that "I'm not with Bain now" game...(unless it turns out to be a tax-advantage for the year...)
