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FiberTower Files for Bankruptcy Protection
Published on:
USA based tower network owner, FiberTower have filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The filing includes a proposed plan of reorganization for FiberTowe to wipe out its long-term debt.
The proposed plan reorganizes FiberTower around its restructured legacy backhaul network as well as two other business lines - - spectrum services and carrier services.
FiberTower said that it has taken these steps after evaluating various strategic and financial alternatives and determining that reorganizing under Chapter 11 is in its best long-term interests. The proposed plan of reorganization is supported by an ad hoc group of holders of the company's secured debt.
During the Chapter 11 process, the Company intends to run "business as usual" and will: (i) operate its backhaul network; (ii) pay "post-petition" vendors, suppliers and other business partners for goods and services provided; and (iii) pay employees' wages and salaries and maintain current medical and other benefits. The Company has reached a consensual agreement with the Ad Hoc Group to use cash collateral.
Tags: [fibertower] [USA]
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