By Joey Gardiner, 10 September 2001 12:10
NEWS Belgian voice recognition firm Lernout & Hauspie will today formally declare bankruptcy unless it manages to find a buyer for parts of its business. A Belgian court previously gave the troubled firm until today by to announce a restructuring that could save the business. The company has scheduled a press conference for 13:00(BST) today to let investors know whether any part of the firm can survive as a going concern. CEO Philippe Bodson told investors last month that $100m was needed to turn around the core language technology unit. If no investor is found the firm will have no choice but to close today, according to news service IDG. Lernout & Hauspie is reportedly in debt to the tune of $500m, and in May its two founders were imprisoned while under investigation for fraud.
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