The tardiness of a technical services company in submitting financial reports to the SEC and the trustee responsible for managing its debt payments have prompted a potentially expensive default. A New York judge ruled that by failing to file required SEC reports BearingPoint "repudiated its obligation" under two debt issues. One attorney said that the decision could embolden already aggressive bond investors to take action against companies that are late in filing financial reports.
October 02, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The tardiness of a technical services company in submitting financial reports to the Securities and Exchange Commission and the trustee responsible for managing its debt payments have prompted a potentially expensive default.
New York Supreme Court Justice Bernard J. Fried ruled in The Bank of New York v. BearingPoint, 600169/06, that by failing to file required SEC reports BearingPoint “repudiated its obligation” under two debt issues.
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