GlassHouse Technologies, a UK-based provider of consulting services for data centres, has filed for Chapter 7 bankruptcy, according to The Boston Globe, leaving investors including technology companies Citrix Systems and Cisco awaiting the sale of company assets.
Other investors in GlassHouse include investment firms Kodiak Venture Partners and GrandBanks Capital, which provided $4.4m in debt financing in January 2013.
Private equity firm Paladin Capital Group invested alongside venture capital firms Globespan Capital Partners, Montagu Newhall Associates and Sigma Partners, as well as Kodiak and Grandbanks, in an $11.5m round for GlassHouse in May 2007.
GlassHouse had raised $91.3m in total since its formation, The Globe stated, and it withdrew plans for an initial public offering in both 2009 and 2011. In court documents, GlassHouse listed debts of between $50m to $100m with less than $1m of assets.