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San Antonio, TX Friday, April 12, 2024 — CodersLink, a leading nearshore IT staffing company, has filed for Chapter 11 protection as part of a proactive step to ensure long-term viability and continued excellence in serving our global clientele. This restructuring is not an indication of closing our operations; rather, it’s a strategic maneuver to strengthen our financial foundation and accelerate our growth.
“At CodersLink, we view our Chapter 11 filing not as a setback, but as a proactive step toward securing our future and continuing to innovate in the tech staffing industry,” said Jesús “Tito” Salas, CEO of CodersLink. “This decision aligns with our commitment to sustainable growth and our responsibility to our clients, employees, and all our stakeholders.”
Chapter 11 bankruptcy is often misunderstood and sensationalized by the media, leading the public to believe companies are going out of business. However, it is not a cessation of business but a restructuring type that allows companies to keep operating while they reorganize their finances under court supervision. This process enables a business to alter its debt obligations and emerge stronger.
Our exit strategy from Chapter 11 involves a structured reorganization plan that we will develop and submit for creditor and court approval. We aim to conclude this process within the next year, focusing on achieving sustainable profitability and operational excellence. This plan will be formulated with the insights and approval of our financial advisors, legal team, and stakeholders to ensure it meets all necessary criteria for a successful emergence from Chapter 11.
There will be no interruptions in our services. All existing contracts are in full effect, and we remain committed to delivering the high-quality staffing solutions our clients rely on. Our operational restructuring is designed to enhance our service offerings and client engagements without disruption.
This experience provides critical learning opportunities for startups:
CodersLink is dedicated to maintaining transparency throughout this restructuring process. We will provide regular updates through our official channels to ensure that our employees, clients, and stakeholders are well-informed of our progress and plans.
We are optimistic about the future and confident in our strategic approach to navigating this challenging phase. Our commitment to innovation, excellence in service, and community support remains unwavering. CodersLink will emerge from this restructuring more resilient and ready to meet the increasing global demand for tech talent.
CodersLink
A: Chapter 11 is a legal process that allows us to restructure our finances while continuing normal operations. This is not a liquidation bankruptcy but a reorganization that ensures we remain operational and committed to our clients and employees.
A: There will be no interruptions in our services. We continue to operate as usual, delivering high-quality staffing solutions and support to all our clients across the globe.
A: All current contracts remain in effect. Our Chapter 11 filing does not change the terms of client contracts, and we are committed to fulfilling all our contractual obligations.
A: The decision was driven by a need to manage significant financial strain caused by fluctuations in the FX rate between the U.S. dollar and Mexican peso, impacting our gross margins and net income. Chapter 11 offers a path to stabilize our finances and continue our growth trajectory.
A: We have a clear reorganization plan that includes restructuring our debt, optimizing operational costs, and focusing on strategic growth areas. We are working closely with financial and legal advisors to emerge from Chapter 11 as a stronger, more resilient company.
A: There are no immediate changes to our leadership team or staff. Our team remains dedicated to providing exceptional service and supporting our clients and partners.
A: Potential clients should know that CodersLink remains a robust partner with a strong operational foundation. We are actively managing our financial restructuring to ensure long-term sustainability and continued excellence in service delivery.
A: We are committed to maintaining transparent and regular communication with all our stakeholders. Updates will be provided through our official channels, including our website, press releases, and direct communications.
A: We value our employees immensely and are taking all necessary steps to ensure job security and stability. We are confident in our restructuring plan and the future of CodersLink. Your continued support and dedication are crucial during this period.
May 28, 2024
4 min
CodersLink, an IT recruitment solutions company based in San Antonio, has been honored as a Clutch Global Leader for Spring 2024 in Staffing and Recruitment services. This recognition highlights CodersLink's exceptional client service and industry expertise, as evidenced by glowing reviews from clients. The company's dedication to delivering top-tier tech talent and its strategic partnership approach have made it a standout choice for global companies looking to build and manage tech teams in Mexico. CEO Jesus Salas attributes this success to the team's unwavering commitment to exceeding client expectations.
July 12, 2022
4 min
CodersLink is part of Google’s list of 50 Latino-founded companies recognized in the Latino Founders Fund 2022. Our journey to this point has not been easy or clear-cut, but it has been nothing short of highly rewarding and fulfilling.
