ENDICOTT, NY -- Endicott Interconnect Technologies sustained operating losses of nearly $100 million over the four-year span ending in 2012, the company said. The printed circuit board manufacturer recently filed for protection under Chapter 11 bankruptcy laws while it tries to find a buyer.

In a July 10 letter to employees, chief restructuring officer David Van Rossum said that EI investors poured about $50 million in the company, but that the firm faces debt of $70 million.

Van Rossum said the company will remain open and continue to supply to customers during the proceedings and that the company has adequate cash to maintain its operations.

The company, which was formed as a spinoff from IBM in 2002, was originally owned by a partnership between James Orband, Bill Maines, Tom Davis and James Matthews Sr. Earlier this year, the former partners stated that only the Matthews' family continues to have an ownership stake. The Matthews family has bid on the company, Van Rossum said, but other bids are also being sought. The Matthews offer is considered a stalking horse bid.

Management changes have since abounded, with Jay McNamara replaced by Jim Matthews Jr. as CEO earlier this year. Mathews Jr. has also stepped down, citing the need to work on the restructuring and future sale of EI, according to Van Rossum's letter.

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