Quadrant 4 System filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Illinois, case number 17-19689. The Company, which provides cloud based platform-as-a-service and software-as-a-service products, is represented by Chad H. Gettleman of Adelman & Gettleman.
According to documents filed with the Court, “The Company is currently defending several lawsuits….The Combination of all such matters has left the Company with sizable financial obligations which cannot be sustained by the Company’s current operations without an infusion of a significant amount of new capital. Given the circumstances surrounding the Company, [the Company does not] believe that obtaining new capital is a realistic alternative, and accordingly, the only practical means of proceedings is to market and sell the Company’s assets and businesses through the Company 11 sale process as expeditiously as possible.”
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