Earth Class Mail Corp., an Oregon-based startup that converts paper mail into electronic correspondences, has filed for chapter 11 protection with a deal to sell its business for $5 million, Dow Jones Daily Bankruptcy Review reported today. Earth Class has been operating under a contractual agreement preventing bondholders from foreclosing on the company's assets. But with that deal slated to end in the next six months, Earth Class received an offer from Xenon Resources LLC — an investment firm that is also a customer of Earth Class — for $5 million.
