BridgeSpan, a Texas-based mortgage technology company, has filed for bankruptcy.
The Frisco, Texas, corporation and its California title company subsidiary filed separate voluntary petitions for reorganization under Chapter 11 of Title 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy court in the Northern District of California in San Jose.
The bankruptcies are intended to facilitate a restructuring of the parent company’s and subsidiary’s businesses, the company said in a statement.
BridgeSpan’s Texas title company subsidiary filed a voluntary petition for liquidation under Chapter 7 of the same code with the same court to “facilitate a previously announced orderly shut down of its business,” the company said.
“BridgeSpan had initiated sales negotiations (of the Texas title company), but was unable to complete them due to adversary actions by one of its title insurance underwriters,” the statement said.
BridgeSpan offers mortgage processing systems for lenders and settlement service providers.
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