BURLINGAME, CA--(Marketwired - May 14, 2013) - Burke Capital Corporation (BCC): Bebo.com, Inc announces the filing of Chapter 11 bankruptcy in Los Angeles on Thursday, May 9, 2013.
"This long-anticipated move is part of an overall financial and operational restructuring that aims to revitalize the business," stated Michael Ong, of Burke Capital Corporation, the Court-Appointed-Receiver of Bebo.com. "The company is healthy, operating, and using Chapter 11 to restructure some operational inefficiencies and other arrangements that are burdensome. The company is working hard to ensure time spent in Chapter 11 is minimized to the greatest extent possible, so that the best possible outcome can be achieved for Bebo's worldwide users, business partners and creditors," concluded Ong.
Founded in 2005, Bebo, a San Francisco based company, quickly became one of the innovators of social media channels in the world. The company continued to invent and implement several innovative social media applications which may be considered as benchmarks for some of today's leading social media services.
Bebo Social Media Applications:
- Bebo Lifestream: Provides users to upload photos, videos and updated flashboxes allowing users to view friends updates on Facebook, Twitter, Flickr or other social media services.
- Bebo Mobile: Updated in 2007 and 2010 to take full advantage of the Bebo website from various mobile devices. In 2009 a free mobile App was released.
- Bebo Authors: An innovative concept where authors can upload chapters from their books/manuscripts for review and comment.
- Bebo Groups: Provided Bebo users the ability to view various affiliated affinity groups.
- Bebo Chat: Launched in 2011, a Bebo branded chat room allowed users to "chat" to each other.
In March 2008, Bebo was sold to AOL for $850 million and subsequently sold to Criterion Capital Partners in June 2010.
"Burke Capital Corporation is committed to the vision of this company to provide innovative and engaging social media applications to its worldwide user base," stated Ong. "We are stepping back and taking a pragmatic and fresh look at the Bebo model. There is no doubt this company had the strategic model and social media innovativeness to compete on a global platform," concluded Ong.
About Burke Capital Corporation:
Burke Capital Corporation is one of the region's most highly respected catalysts to business prosperity. For over twenty years, Burke Capital Corporation has provided capital, expertise and management to enable significant client performance gains, often in very challenging times. The company is based in Burlingame, California located at 1021 Burlingame Avenue. For more information go to www.burkecapital.net.
Contact Information:
Michael Ong
650.988.9650