Sandy Springs Foreclosure Processing Firm Files for Bankruptcy
Located on Northridge Road, Prommis Solutions provides technology processing services for residential defaults and foreclosures
Sandy Springs-based Prommis Solutions filed for Chapter 11 bankruptcy, Monday.
Located on Northridge Road, the firm provides technology processing services for residential defaults and foreclosures.
Court documents show the company has at least $50 million in debt and seeks to sell its assets at auction. Its board of managers believe the filing is in the best interest of the company, 100-plus creditors and other parties involved.
A DS News story said Prommis Solutions' financial problems led several essential employees to leave the company in 2012. The company currently employs more than 700 people, the story said. Plans are now in place for employee incentive and retention plans.