KANSAS CITY, Kan., June 1, 2009 (GLOBE NEWSWIRE) -- Epiq Systems, Inc. (Nasdaq:EPIQ) today reported that it is managing an all-time record number of concurrent major Chapter 11 corporate restructuring engagements. The company has achieved the leading market share for its sector and proactively added significant resources to expand the capacity necessary for additional retentions. Corporate restructuring engagements are generally multi-year assignments characterized by a recurring revenue component and revenue visibility into future periods.
A partial selection of matters on which Epiq Systems has been retained includes Chrysler LLC, Lyondell Chemical Company, AbitibiBowater Inc., Nortel Networks, Smurfit-Stone Container Corporation, Lehman Brothers Holdings Inc. as well as the related matter of the Securities Investor Protection Act (SIPA) proceedings involving Lehman Brothers Inc. and the transfer of customer assets to Barclays.
Tom W. Olofson, chairman and CEO and Christopher E. Olofson, president and COO stated, "Based on global macroeconomic conditions and continuing high debt levels, many analysts forecast that new filings will continue across all chapters of bankruptcy during the balance of 2009 and into 2010. We are focusing our Chapter 11 marketing efforts on a significant pipeline of engagements that are consistent with established Chapter 11 business practices and pricing models and where we can provide the best results for our clients and shareholders. In our trustee services business, aggregate trustee deposits are very high."
According to the Administrative Office of the U.S. Courts, bankruptcy filings were up 31% for the 12 month period ending December 31, 2008 (the most recently reported period) versus the same period in 2007. During this period, Chapter 7 filings were up 43%, Chapter 11 filings were up 60%, and Chapter 13 filings were up 12%.
As previously announced, Epiq Systems will convene its Annual Meeting of Shareholders at 10:00 a.m. Central time on Wednesday, June 3 at the Intercontinental Hotel, 401 Ward Parkway, Kansas City, Missouri. The meeting will be broadcast over the Internet and can be accessed at www.epiqsystems.com.
About Epiq Systems
Epiq Systems is a leading global provider of integrated technology solutions for the legal profession. Our solutions streamline the administration of bankruptcy, litigation, financial transactions and regulatory compliance matters. We offer innovative technology solutions for electronic discovery, document review, legal notification, claims administration and controlled disbursement of funds. Our clients include leading law firms, corporate legal departments, bankruptcy trustees and other professional advisors who require innovative technology, responsive service and deep subject-matter expertise.
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