Endicott Interconnect Technologies Files For Bankruptcy
Just eleven years after its creation was announced by Governor George Pataki, Endicott Interconnect Technologies has filed for bankruptcy.
The move, first reported by the Press & Sun-Bulletin, could clear the way for EIT to continue operations while restructuring its finances.
Endicott Interconnect employees on Wednesday received a letter advising them of the filing of Chapter 11 petitions in United States Bankruptcy Court in Utica.
The letter indicated EIT intends to remain open and plans to meet commitments to customers.
The message also advised workers their wages and health benefits are "not expected to change" as a result of the bankruptcy filing.
According to the letter, EIT incurred operating losses of almost $100 million over a three-year period, leaving the company unable to meet its debt of $70 million.
On July 1, 2002, Governor Pataki unveiled a state-financed deal to allow a group of Broome County businessmen to acquire IBM's microelectronics unit.
Endicott Interconnect Technologies started operations on November 1, 2002, with 2,000 employees. Two weeks later, the company laid off 200 people.
Over the past several years, EIT continued to reduce its workforce. A court filing earlier this year indicated the firm had about 600 employees.