KANSAS CITY, Kan., Dec. 17, 2009 (GLOBE NEWSWIRE) -- Epiq Systems, Inc. (Nasdaq:EPIQ) today announced continuing strength throughout its bankruptcy franchise and a strong outlook into 2010. Highlights include:
-- The company has been engaged to provide consulting services to
two main Icelandic banks in moratorium, Glitnir Banki hf and
Kaupthing Banki hf. The engagement primarily involves the
development and implementation of claim trading procedures for
each of the banks.
-- Epiq also served as voting agent in the recently confirmed CIT
Group Inc. pre-packaged chapter 11 bankruptcy, the fourth largest
filing by assets in history.
-- The company's trustee services deposit portfolio has reached an
all-time high of $2.0 billion. Epiq's market share continues to
rise and significant opportunities remain to increase the
portfolio in 2010.
-- For the twelve month period ending September 30, 2009, the
Administrative Office of the U.S. Courts reported approximately
1.4 million new bankruptcy filings -- a 34% increase vs. prior
year. Within the total, Chapter 7 filings rose 45%, Chapter 11
filings rose 68%, and Chapter 13 filings rose 13%.
-- The quarter ending September 30, 2009 had more new bankruptcy
filings than any quarter since the enactment of new bankruptcy
legislation in 2005.
Tom W. Olofson, chairman and CEO, and Christopher E. Olofson, president and COO, stated, "Our bankruptcy group continues to demonstrate industry leadership not only in traditional Chapter 7, 11 and 13 matters, but also in emerging areas as well. Our ability to meet the challenges of new and complex assignments is attributable to our deep subject matter expertise and industry recognition of our capabilities and capacity. We enter 2010 with a strong inventory of engagements and significant opportunities to develop additional business."
The company reiterates that it remains on target to achieve its 2009 financial objectives as previously communicated.
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, government agencies and other professional advisors who require innovative technology, responsive service and deep subject-matter expertise.
The Epiq Systems, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5250