After months of financial issues, Endicott Interconnect filed for Chapter 11 bankruptcy on Wednesday. The company says that without the ability to use immediate cash collateral, it cannot pay for insurance, employee wages, or other critical operating expenses. EIT’s estimated liabilities are between $50 million and $100 million divided among 200 to 999 creditors, according to court documents. In a letter to employees on Wednesday, the company says it lost close to $100 million between 2009 and 2012, stating that it cannot meet $70 million of that debt, making Chapter 11 the only viable solution. The company’s interim CEO, Jim Matthews Jr., who took over after former CEO Jay McNamara resigned, will step down to focus on a restructuring plan. This is just the latest in a series of bad news for the company which was once one of the largest employers in Broome County, but over recent years has had hundreds of workers lose their jobs.
