Payments processor Cynergy Data LLC filed for Chapter 11 bankruptcy protection on Tuesday Sept 1 2009 and said it has agreed to sell all its assets, according to Reuters News Agency.
Cynergy discovered accounting errors in March 2009 involving misstated revenue and expenses for 2007 and 2008, leading to a substantial drop in earnings, according to an affidavit filed by a representative of the management restructuring firm.
Cynergy said it has about $109.5 million of assets and about $186.2 million of debt. The New York-based company was founded in 1995 and employs nearly 275 people, according to the company’s website. Cynergy served as the primary processing provider for many many sales services, including SignaPay LLC.
The case is In re: Cynergy Data LLC, U.S. Bankruptcy Court, District of Delaware (Wilmington), No. 09-13038.
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