Nov. 8 (Bloomberg) -- Monitor Company Group LP, the Cambridge, Massachusetts consulting firm that last year apologized for helping to improve the image of former Libyan dictator Muammar Qaddafi, filed for bankruptcy protection.
The company, in a Chapter 11 petition filed yesterday in U.S. Bankruptcy Court in Wilmington, Delaware, listed assets and debt of $100 million to $500 million each.
Monitor Group said in a statement that its U.S. business would be acquired by Deloitte Consulting LLP while its practices outside the U.S. will be acquired by other member firms of Deloitte Touche Tohmatsu Ltd.
Monitor Group was co-founded in 1983 by Michael Porter, the Harvard Business School management expert. Politico reported on Feb. 21, 2011, that the Qaddafi regime paid the company a fee of $3 million a year, plus expenses, to run what the firm called “a sustained, long-term program to enhance international understanding and appreciation of Libya.”
“Deloitte and Monitor leadership will work closely together to capture the best of both organizations and enhance our capabilities as world-class global strategy practices,” Michael Canning, national managing director of Deloitte Consulting’s strategy and operations practice said in the statement issued by Monitor.
The proposed deal is subject to court and regulatory approvals, as well as better offers, according to the statement.
The case is In re Monitor Company Group LP, 12-13042, U.S. Bankruptcy Court, District of Delaware (Wilmington).
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