Monday, March 5, 2012

BroadSign Files for Bankruptcy

BroadSign International Inc., a Montreal, QC-headquartered developer of digital signage software, has filed for  Chapter 11 reorganization with U.S. Bankruptcy Court in Wilmington, Delaware, according to a report in Bloomberg.

According to the company's CEO Brian Dusho, the most effective way to maximize the value of their estates for the benefit of creditors is to complete a prompt sale of substantially all their assets. The company, based in Boise, Idaho, listed debt of $10 million to $50 million and assets of $1 million to $10 million.

This is isn't the first time we get news of BroadSign being in troubled waters. During the recent recession, the company had layed off several of its employees and some believed it was a harbinger of its eminent demise.

Many large advertising networks such as Zoom Media and JCDecaux use BroadSign's platform to manage their digital signs.

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