Broadview Networks, in the wake of its Chapter 11 restructuring, is reiterating that its agent terms and conditions remain untouched and that the company is focused on growth.
"We have been honoring our obligations to those agreements and we fully expect...agents will continue to honor their obligations," COO Brian Crotty told Channel Partners late Wednesday. Crotty had said the same in July when news first broke that Broadview, weighed down by debt it was unable to refinance, would have to restructure.
CEO Mike Robinson said the bankruptcy, instituted in late August and completed this month, only impacted debt, equity and the board of directors. To that point, Channel Partners was waiting to receive the list of new board members from Broadview. The company's executive roster is staying the same.
In fact, the reorganization, which sliced Broadview's debt in half and trimmed its interest costs, seems to have had little impact on the CLEC. No one lost their jobs, no offices were closed, and suppliers and agents received their payments and commissions as usual, Broadview said. And it does not appear that Broadview is looking to be purchased.
"I think we're interested in running our company as best we can ... and we're better positioned than ever now," Robinson said. "One of our core competencies is doing mergers of equals and tuck-in acquisitions, so I wouldn't forecast what we're going to do...but we will certainly look at all our opportunities to leverage and exploit what we do well as a company."
Right now, Broadview is focusing more on its cloud products and services, but that's not as a result of the bankruptcy, Robinson said.
"The company has been on a mission to go up-market," he said. "We're not abandoning or jettisoning the other products – we still sell a lot of POTS, T1, MPLS."
But, he added, hosted platforms represent big growth opportunities for Broadview and its partners. That's already the case, as cloud is on track to contribute an annual run rate of about $50 million to Broadview by year's end.
"We and our channel partners believe there's a lot of potential for the next few years in the cloud environment," said Robinson.
As such, Broadview will be adding more cloud products to its portfolio. And it already has added a half-dozen new channel managers throughout the country as it implements a more local touch.
"Agents have continued to be a major component of our growth strategy," Crotty said.