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Endicott Interconnect Technologies files for Bankruptcy

Endicott Interconnect Technologies, a company started with the promise to save thousands of jobs for IBM'ers, has filed for Chapter 11 bankruptcy.

A Northern District Court judge on Wednesday issued an interim motion requiring E.I.T to continue paying its employees healthcare, and other employee benefits.

E.I.T's problems were revealed back in March when Canal Air sued E.I.T over the lease of its corporate jet.

Then C.E.O James McNamara, who has since resigned, said the suit could force E.I.T into bankruptcy.

He also shed light on the fact that the company had shrunk to just 600 employees, down from a reported 1100 in November.

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