Bankruptcy Reorganization Chapter 11

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Bankruptcy Reorganization Chapter 11

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May 19, 2011

think3 Inc. Files For Chapter 11

Computer software company, think3 Inc., filed for chapter 11 yesterday at the United States Bankruptcy Court for the Western District of Texas.   The Austin, Texas-based Debtor is represented by Haynes and Boone, LLP.  The Debtor was acquired by ESW Capital LLC in September, 2010 in a stock -purchase transaction.

According to Board member affidavit, "the Debtor has been in severe financial distress for some time.  The worldwide economic downturn caused a decline in the industries of the Debtor's target customers, and the Debtor has been operating at a loss for several years".  Moreover, on March 14, 2011, several creditors commenced an insolvency proceeding against the Debtor and its Italian Subsidiary in Bologna, Italy.  The Italian Court appointed a trustee that "has seized control of the Debtor's and the Italian Subsidiary's assets and property". 

The Debtor seeks postpetition financing from Gensym Cayman, L.P.

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