Card Processor Cynergy Seeks Ch. 11 For Asset Sale

Law360, New York (September 1, 2009, 3:59 PM EDT) -- Hampered by economic woes and the effects of accounting errors, credit and debit card processor Cynergy Data LLC is seeking Chapter 11 protection in part to facilitate a sale of substantially all its assets to private investment firm ComVest Group.

Cynergy and affiliates Cynergy Data Holdings Inc. and Cynergy Prosperity Plus LLC filed petitions Tuesday in the U.S. Bankruptcy Court for the District of Delaware naming a plan to sell their operations under Section 363 of the bankruptcy code and identifying ComVest as a stalking horse...
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