Kit Digital Files for Bankruptcy After Shareholder Accord

a developer of software for managing digital video, filed for bankruptcy after reaching an agreement with some shareholders on a prepackaged restructuring plan. The company, based in New York, listed assets and debt of more than $10 million each in Chapter 11 documents filed today in U.S. Bankruptcy Court in Manhattan. Kit said April 16 that it would file for bankruptcy on April 24 with a debt plan supported by three of the largest shareholders. Kit indicated in the petition that a plan will be filed, though it hasn’t yet been posted on the docket. read more at: http://www.bloomberg.com/news/2013-04-25/kit-digital-files-for-bankruptcy-after-shareholder-accord.html