BizWest: “’To be clear, this is a reorganization; it’s not a closing the doors kind of thing,’ Comprise owner and CEO Doyle Albee told BizWest. Chapter 11 of the U.S. Bankruptcy Code enables businesses or individuals to reorganize debts while continuing to operate, rather than liquidate assets.”
“’What it allows me to do is kind of right-size things to some degree,’ Albee said. ‘I’m going to not have the entire team that I had, and this allows me to do that with fewer restrictions and dramatically less upset to clients.’”
“Albee said Comprise’s current financial situation is in part a result of several clients being unable to pay their bills. ‘We’ve had plenty of work, we just haven’t been paid for all of it,’ he said. ‘I absorbed 30% to 35% of my billings last year. Three clients went bankrupt (and others) just have some payment issues. It was just a gut punch that we just couldn’t economically recover from.'”
Denver Public Relations Blog 