If approved, the plan would be implemented under a "prepackaged" Chapter 11 bankruptcy filing.
The firm is also withdrawing all forecasts and financial guidance, and canceling its employee stock purchase plan.
In related news, the New York Stock Exchange suspended trading of Encompass common stock on Oct. 1, 2002, and notified the company that it was moving to delist the stock due to its "abnormally low" selling price, which closed at 14 cents on Sept. 30.
Encompass provides electrical technologies, mechanical services and cleaning systems to commercial, industrial and residential customers nationwide. For more information, visit: www.encompass.com.