ENDICOTT, NY -- Endicott Interconnect Technologies has filed for Chapter 11 bankruptcy Wednesday and plans to sell its assets.

The company, which was spun off from IBM in 2002, said it could not keep up with price competition from overseas competitors.

EI was considered among the best manufacturers of printed circuit boards in the world. It boasted its own laminate manufacturing operation, chip packaging, bare board fabrication, PCB assembly and test and engineering on a sprawling campus here.

EI's sales have fallen to under $100 million from a high of $414 million in 2008, per the company's bankruptcy filing. That contrasts sharply with EI's earlier forecasts, which called for sales of more than $600 million by now. Headcount has been cut by more than half, to 579.

EI owes more than $88 million to creditors and has assets worth between $10 million and $50 million.  The firm said that without court intervention it would run out of cash and have to stop operating on Sept. 30.

The company said it is in negotiations with a potential purchaser that would continue to run the PCB operations.

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