It is with regret that I inform our clients, partners, and industry colleagues that after more than five years in business, Architelos Inc, ceased operations today and commenced bankruptcy proceeding by filing a petition for Chapter 7 bankruptcy under provisions of Chapter 7 of Title 11 of the United States Bankruptcy Code. Unlike Chapter 11, which provides for reorganization and continuation of operations, Chapter 7 entails immediate cessation of company operations and an orderly liquidation of its assets.
The petition was filed today in the United States Bankruptcy Court for the District of Delaware (“Bankruptcy Court”). As a result of the filing, a Chapter 7 Trustee will be appointed to the case, and all decisions regarding the company, its operations and assets are immediately turned over to the appointed Trustee. The Trustee will then determine how to liquidate the assets of Architelos Inc. in accordance with the bankruptcy code.
Customers of the NameSentry service are not immediately impacted. NameSentry will continue to operate in the short term, however the decision on the continuation and or timing of the termination of the service will be up to the Trustee. Customers of the service should contact the Trustee, once he/she has been appointed for further information. The contact name and number of the Trustee, updates to the process, as well as any information on the case will be posted to the court’s website.
Regardless of the circumstances leading up to it, the decision to file for bankruptcy is an agonizing one for the impact it has on clients, partners, employees, and vendors. We have done our best to ensure a fair and smooth process.
Alexa Raad, CEO