Bankruptcy Reorganization Chapter 11

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Bankruptcy Reorganization Chapter 11

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June 16, 2009

SendTec, Inc. Files For Chapter 11

St. Petersburg, FL-based, SendTec, Inc. filed for chapter 11 bankruptcy protection yesterday at the United States Bankruptcy Court for the Middle District of Florida.  The debtor's petition lists $3.7 million in assets and $17.3 million in debts.  Google, Inc. is listed as the largest unsecured creditor. 

SendTec, Inc. provides direct response marketing and technology services to customers to help market their products and services on the internet.

From the debtor's press release:

SendTec said its core operations are strong and that it has sufficient cash reserves and cash flow from operations to continue business operations as usual during the Chapter 11 process. All of SendTec’s employees will continue and transition to the new company upon approval of the court’s sale of assets.

Paul Soltoff, Chief Executive Officer of SendTec said “SendTec’s core business of providing clients with efficient and effective customer acquisition solutions remains valuable to its Clients. A series of corporate transactions involving SendTec’s parent companies going back to 2004, however, has left SendTec with a large burden of debt apart from operations. These proceedings represent our best option for removing that burden while continuing to serve our clients and run our business. In the interim, it will be business as usual. We anticipate no reduction in staff or services.”


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