BuildNet Petitions For Relief Under Chapter 11
October 4, 2001
To protect the value of its company, BuildNet Inc. filed for reorganization under Chapter 11 of the Bankruptcy Code. BuildNet, along with six of its subsidiaries, was severely impacted by a difficult capital market and by debt it incurred with a roll-up of its constituent companies. NxTrend, BuildNet's wholly owned subsidiary, was not included in the filing.