The online debt collector Debt Resolve Inc. said Monday that it has pulled out of its deal to buy Creditors Interchange Inc.
Debt Resolve, of White Plains, N.Y., cited "a material adverse change in the financial condition of Creditors Interchange," a Cheektowaga, N.Y., provider of receivables management services.
Debt Resolve, which offers an online bidding system the debtors can use to offer settlements to creditors, announced the $64 million deal in April, though it subsequently lowered the price by $10 million.
James D. Burchetta, Debt Resolve's co-chairman and chief executive, said in a press release that "we are extremely disappointed we had to terminate our efforts to acquire Creditors Interchange. Unfortunately, the deterioration of the financial condition of Creditors Interchange left us no choice."
