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Divine Bankruptcy Option ConsideredFailed journal subscription agency RoweCom’s parent company has hired a consulting firm to consider alternative business strategies. The Chicago-based technology company Divine announced February 18 that it is working with merger-and-acquisitions consultants at Broadview International to consider such measures as asset sales and a Chapter 11 bankruptcy filing, according to the Bloomberg News agency. The openly traded Divine, whose shares plunged more than 65% to 12 cents on the Nasdaq market February 18, has also begun laying off employees at its eShare Communications subsidiary in Hauppauge, New York, according to the February 19 Long Island Newsday. Ebsco’s bid to take over the RoweCom European business awaits the approval of a French oversight agency, while negotiations continue for the Birmingham, Alabama–based company’s acquisition of RoweCom operations in North America. Posted February 24, 2003. |
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