SEATTLE, Jan. 12 /PRNewswire/ -- QL2 Software, Inc., today announced that it is voluntarily restructuring its debt obligations under the protection of Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court in Seattle. The company will continue all business operations during the restructuring without interruption. To supplement its cash availability if needed, the company is negotiating an agreement to secure post-filing a line of credit.
"During the past year, we have made significant progress internally to transition QL2 into an enterprise-class data access platform company that pursues innovation and effective ways of serving our customers," said Russ Aldrich, CEO of QL2. "This restructuring focuses on non-business related debt that arose out of admitted malfeasance by prior management, not on our operations. This step will take pressure off of our business and allow us to continue to build toward our vision of being the leading on-demand platform for product, price, and market data. We will continue to work with our customers and partners during and after this restructuring."
The company filed yesterday for court approval of various, customary first-day motions, including: maintaining employee payroll and health benefits and the fulfillment of certain pre-filing obligations. The company anticipates its first-day motions will be approved in the next few days.
About QL2 Software, Inc.
QL2 is the leading on-demand data access platform provider. More than 250 clients in 40 countries depend on QL2 for high-quality and timely product, price and market data. The QL2 client-roster includes more than 100 airlines, three of the top five global pharmaceuticals, and market leaders in retail, consumer products and life sciences.
Founded in 2002, QL2 was named to the 2007 Inc. 500 and the 2008 and 2009 Inc. 5000 list of the fastest growing private companies, and the 2008 Red Herring 100. QL2 has also been included in KMWorld's 100 Companies That Matter for the past four years and Trend-Setting Products for the past three years. For more information, please visit www.QL2.com .
SOURCE QL2 Software, Inc.