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BearingPoint Files for Chapter 11

MANHATTAN (CN) - BearingPoint fka KPMG Consulting filed for Chapter 11 protection, listing more than $1 billion in debts. BearingPoint, which split off from KPMG in 2001, is an information technology contractor. It got more than $500 million in federal contracts in 2007 and employs more than 15,000 people.

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