UniTek, a Blue Bell, Penn.-based systems integrator servicing Comcast, DirecTV, AT&T and other top pay-TV operators, has filed for Chapter 11 bankruptcy protection and will restructure with its creditors taking ownership.
The bankruptcy court battle over struggling regional sports network CSN Houston is going into overtime. Comcast has appealed a ruling rendered Wednesday by Bankruptcy Judge Marvin Isgur that seemed, at the time, to have cleared the sale of the network to AT&T and DirecTV.
The sale of troubled regional sports network CSN Houston to AT&T and DirecTV now appears likely, with a bankruptcy court judge ruling against Comcast on the key matter of the network's remaining value.
The fate of carriage-crippled regional sports network Comcast SportsNet Houston now hinges on what dilapidated value a bankruptcy court deems that it has left. The teams want to sell the bankrupt network to AT&T and DirecTV at a value of around $22 million, down from an initial value of $700 million.
Comcast is now fighting a bankruptcy court-backed deal that would transfer ownership of struggling regional sports network Comcast SportsNet Houston to AT&T and DirecTV.
In a move that it called a "significant milestone" in its five-year bankruptcy, Nortel Networks said it has reached a deal to cut more than $3 billion owed to former Nortel entities in Europe, including bondholders, retirees and suppliers.
Valley Telecom made its initial payment of about $3.54 million for Alvarion, in accordance with a court-approved agreement to buy the former WiMAX gear maker out of receivership. The payment marked Valley's assumption of management and financing of Alvarion's operations.
Valley Telecom sweetened its deal for Alvarion, agreeing to pay more for the struggling company and assume ownership of its patent portfolio.
Mexican telco Maxcom Telecommunications has filed for Chapter 11 protection in the U.S. bankruptcy court in Delaware as a way of restarting a recapitalization plan that creditors initially rejected.
It's a double-whammy for Pac-West Telecomm, which has filed for Chapter 11 bankruptcy protection. In addition, South Dakota revoked the Stockton, Calif.-based competitive wholesale provider's certificate to operate in the state due to unpaid taxes.