Information Management Associates (IMA) has filed a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code. The petition was filed in the bankruptcy court for the District of Connecticut.
IMA filed for Chapter 11 protection to further its efforts to address its liquidity needs, explore strategic alternatives for the business and preserve value for its creditors and shareholders.
Under Chapter 11, IMA plans to continue to operate its business in the ordinary course under the protection of the court while seeking to finalize a plan of reorganization.
The CRM software provider, headquartered in Shelton, Connecticut.
had previously announced that it was seeking to raise additional cash to fund ongoing operations as well as examining ways to reduce its cash needs.