Exchange Resources Files For Bankruptcy Under Chapter 11
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Exchange Resources has filed a petition for reorganization under Chapter 11 of the United States Bankruptcy Code, at the US Bankruptcy District Court of Minnesota in St. Paul. The filing occurs at a time when the open standards of the Internet and remote turret applications may be diminishing the need for disaster recovery facilities.
Exchange Resources chief executive officer and president Robert Casiliano says that the rise of the Internet has nothing to do with his company's financial troubles
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