WebFeb 18, 2009 · BearingPoint has reached the breaking point.. The consulting firm, which was spun off from KPMG in 2001 and gets more than one-quarter of its revenue from the federal government, filed for Chapter 11 bankruptcy protection on Wednesday in New York. The company, which is based in McLean, Va., said it would use the bankruptcy process … BearingPoint's origins lie in the consulting services operations of KPMG, which were established as a distinct business unit in 1997. KPMG had been providing consulting services to clients since its first contract with the US Navy prior to World War I. On 31 January 2000, KPMG formally spun off the consulting unit as KPMG Consulting, LLC. On 8 February 2001, the company went public on the NASDAQ market at $18 a share under the ticker "KCIN."
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