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Management Data Files Chapter 7

Management Data Files Chapter 7

Management Data Media Systems Inc. has filed for Chapter 7 bankruptcy protection.
The U.S. company, which had been in operation for less than two years and is owned by a German firm, had been trying to break into the American broadcast automation market.
“This action comes as the regrettable conclusion of a process that began when conditions on the European Neuermarket led the parent corporation of our group, Management Data Media Systems AG of Hamburg, Germany, to initiate their own insolvency proceedings on July 17,” the company stated on its Web site.
Until recently, MD Inc. had expected that the German bankruptcy would not necessarily preclude the U.S. domestic branch from continuing.
A company official said the U.S. operations would cease by the end of this month. But a source indicated that an acquisition is also in the works. He would not comment on details.

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