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.
Two months after filing for Chapter 11 bankruptcy protection, LodgeNet Interactive said Colony Capital closed its acquisition of the hotel entertainment programming distributor.
Alabama local exchange carrier Otelco said it filed for bankruptcy protection on Monday, three months after its wholesale contract with Time Warner Cable (NYSE: TWC) expired.
Sycamore Networks, at one time a major contender in the optical switch market, confirmed late last week that it had filed its certificate of dissolution with the State of Delaware to complete the process of liquidating the company
LodgeNet said Tuesday it filed for bankruptcy protection, but that new capital and a partnership with rival DirecTV will see it emerge from the prepackaged chapter 11 filing with the ability to launch new products for its hotel and healthcare customers.
LightSquared is proposing to share spectrum the federal government uses for weather balloons. The company hopes to couple this spectrum with the L-Band satellite spectrum LightSquared already holds in an attempt to finally get its planned wholesale LTE network up and running.