May 26, 2011

think3 Inc. Files for Chapter 11 Bankruptcy Protection

AUSTIN, Texas - think3 Inc., based in Austin, Texas, announced that it filed for Chapter 11 bankruptcy protection in the Western District of Texas, Austin Division, on May 18.

“We determined that this was the best course of action to preserve value for think3,” said Becky Roof, think3’s Chief Restructuring Officer. “Certain actions taken by the Italian trustee appointed for insolvency proceedings of think3’s Italian registered branch and subsidiary have caused disruptions in think3’s business and resulted in a lawsuit being filed against think3 by Versata FZ-LLC. We hope to have speedy and productive discussions among all parties to quickly resolve these issues. In the meantime, Versata has advised think3 that Versata intends to continue to service, support, and further develop the think3 products that Versata acquired.”

During hearings held on May 23, think3 received interim approval for secured post-petition financing and authority to employ AP Services LLC as crisis managers and Rebecca A. Roof as President, Secretary, and Chief Restructuring Officer.

think3 Inc. is engaged in the business of computer software creation, licensing, sales and support. Its products include Computer Aided Design (“CAD”) and Product Lifecycle Management (“PLM”). think3, Inc. develops and sells the think3 products exclusively for the China market. The think3 product portfolio – which includes ThinkDesign, ThinkPLM, and ThinkDesign PLM – are developed and sold in the US, Europe, and other markets in Asia by Versata.