Architecture and design firm EYP Inc filed for bankruptcy on Sunday to sell its assets in the midst of litigation involving former shareholders and employees and after years of attempting to revamp its complicated debt obligations.
The Albany, New York-based company sought Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware with $149 million in debt. EYP has lined up a lead bid from private equity firm Ault Alliance Inc, its senior lender, to buy its assets for $67.7 million.
The company said that its business remained healthy during the COVID-19 pandemic. Mason said in a written declaration that the company’s recent financial trouble stems from complex debt obligations owed to several groups of creditors and lawsuits brought by former employees over EYP’s prior debt transactions and restructuring efforts.
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