NEXIQ Technologies Inc. Sterling Heights, Mich., has announced that it has filed for chapter 11 bankruptcy protection.
According to NEXIQ, the purpose of the filing is to expedite the sale of company operations.
NEXIQ provides advanced diagnostics and telematics products, solutions and services for the automotive and commercial vehicle markets. NEXIQ also markets Pro-Link handheld diagnostic tools among other fleet technology products.
The company said it will implement a comprehensive cost-saving program that will include additional workforce reductions. NEXIQ had just announced a second round of layoffs on October 10. The cutbacks and bankruptcy filing follow the resignation in September of John R. Allard as CEO.
Last year, NEXIQ introduced eTechnician, an ambitious remote vehicle monitoring, remote diagnostics and reprogramming system. Earlier this year, the company crossed into the logistics arena with ePod, a pickup and delivery software system designed for private fleet operations.
According to NEXIQ, the purpose of the filing is to expedite the sale of company operations.
NEXIQ provides advanced diagnostics and telematics products, solutions and services for the automotive and commercial vehicle markets. NEXIQ also markets Pro-Link handheld diagnostic tools among other fleet technology products.
The company said it will implement a comprehensive cost-saving program that will include additional workforce reductions. NEXIQ had just announced a second round of layoffs on October 10. The cutbacks and bankruptcy filing follow the resignation in September of John R. Allard as CEO.
Last year, NEXIQ introduced eTechnician, an ambitious remote vehicle monitoring, remote diagnostics and reprogramming system. Earlier this year, the company crossed into the logistics arena with ePod, a pickup and delivery software system designed for private fleet operations.
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