Monitor Company Group LP Files for Bankruptcy in Delaware
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 aquired 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.”
The case is In re Monitor Company Group LP, 12-13042, U.S. Bankruptcy Court, District of Delaware (Wilmington).
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