Information Industry–divine
divine Files For Bankruptcy Protection
Yes, it’s true but not a big surprise. This time we can’t say the best laid plans go to waste since no one really new what divine’s plans were. Here’s the press release, the SEC filing from EDGAR, and a bit more from the Chicago Tribune and Crain’s Chicago Business. From the article, “GTCR [a Chicago area venture cap firm] principal Phil Canfield said today that his firm, whose founder Bruce Rauner has long-time ties to Divine�s CEO Andrew �Flip� Filipowski, has signed a letter of intent to buy substantially all of Divine�s assets for about $50 million.”…The sale would need to be approved by the Bankruptcy Court. “The company was established to ride a wave that had passed,� said Chicago entrepreneur Josh Schneider. �As hard as everybody fought, it was too little too late. It�s like one person steering a paddle boat in a tidal wave.�

This entry was posted on Tuesday, February 25th, 2003 and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.