Enterprise Management Solutions uses Chapter 11 to move along its sale - Austin Business Journal:

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Enterprise Management, which reported $7 million in grossd revenue last year and employs 20 was in the process of selling to a larger unidentifieesoftware company. However , which is owed abouyt $760,000, as well as (NYSE: BMC), its majot software licensor, have been dragging theirf feet causing the sale to come to a a lawyer representing the company inbankruptcy “They had a loan with Bank of America, and some issu e arose with the bank, and that just createed issues elsewhere,” said Michael Markham of Johnson Pope Bokoer Ruppel & Burns.
Enterprise was “kine of caught in the getting pressure from Bank of Americwa and pressure from BMC while at the same time tryingt to negotiatethis sale.” Enterprisde Management claims assets of up to $1 million and liabilities of up to $100 In a case management summary filed with the ’e Middle District of Florida, Enterprise said it has less than $800,000p in secured claims and about $2.6 million in unsecurerd claims. If the sale was allowes to closeand Enterprise’s customer base was preserved, the companyt believes all of its creditors woulcd be paid.
“The bankruptcty process often just levels the playing field to have people working together, instead of everyone negotiating to get as much as they can from a limitedc resource,” Markham said. Even with the all three sides are still negotiating towara sale, and the initial responsd from both the bank and BMC, a Housto software developer with more than $1.7 billioh in revenue in fiscal 2008, has been Markham said.
“This is an action we hope to wrap up fast with our wholed focus tosimply consummate” the asset sale, he “When you’re trying to sell someone’e collateral and you’re trying to get someone’s consent to assigbn their contract, sometimes they just need a littlwe nudge to provide that consent. That’s what I’ hoping this process will do.” Enterprise Management was foundee in 1999 and is owned by Adam It provides business service management products and consulting to companiesd suchas (NYSE: JNJ), and (Nasdaq: JBLU), according to the company’s Web “If we didn’t take this we would’ve ended up with a canceled contracty [from BMC], a foreclosure [from Bank of America] and a closed business,” Markham said.
“The primaryt asset of a consulting business isits consulting, so if that kind of thinb goes dark, then you have zero This way, we hope everyone can come out of this with