Scient files for Chapter 11

Internet consulting firm Scient has filed for Chapter 11 bankruptcy and agreed to sell certain assets to a professional services firm.

The deal calls for Salt Lake City-based SBI to hire some of Scient's employees and to provide up to $4.9 million in financing, pending completion of the asset acquisition.

Scient has been struggling for some time now. Once a dot-com darling, the company recently approved a 1-for-20 reverse stock split.

The company and SBI said they expect the bankruptcy court to approve the deal, adding that financing "will allow Scient to continue to deliver services to its clients without interruption until court approval of SBI's acquisition is received."

Once the deal is complete, Scient will cease to operate as a standalone company.

Scient also announced that CEO Christopher Formant is stepping down, but will stay on Scient's board through the transition. Stephen Mucchetti, vice chairman of the board of Scient, will take over as CEO and president.