Overview

• The company initiated a court-supervised Chapter 11 reorganization in Delaware, citing debts between $100 million to $500 million with assets valued at $50 million to $100 million.
• JobGet has agreed to acquire the primary job search division under a stalking horse bid arrangement.
• Canadian media firm Valnet will purchase Military.com, Fastweb.com to expand its specialized recruitment content portfolio.
• Valsoft will take control of the company’s government-focused software services business to help cover obligations.
• CEO Jeff Furman attributed the insolvency to a challenging macroeconomic environment paired with intensified competition from platforms such as LinkedIn.