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MarchFirst seeks bankruptcy protection

Published on .

Chicago--MarchFirst Inc. filed for Chapter 11 bankruptcy protection Thursday. The Internet consultancy, which is selling some of its units to Chicago-based software developer Divine Inc., listed $427.5 million in debts and $789.3 million in assets in its filing with the U.S. Bankruptcy Court in Wilmington, Del. Prior to filing, MarchFirst sold ad agency McKinney & Silver Inc. to Paris-based Havas Advertising for an undisclosed sum. Among MarchFirst's biggest creditors are Microsoft Corp., which is owed $12 million, and Credit Suisse First Boston Corp., which is owed $10.5 million.
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