Technical Equities said it filed for Chapter 11.
The company filed a petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code with the bankruptcy court in San Francisco. Lawyers for the San Jose-based company, which manages investments for nearly 100 current and former professional athletes, could not be reached for comment. The company also reported that it has reached an agreement with lenders to obtain short-term financing for limited operating funds. The agreement is subject to court approval.
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