In spite of its bankruptcy filing last October, Trans National Communications International Inc. (TNCI) has maintained its base of more than 18,000 end-user customers, the Boston-based telecommunications provider revealed in an amended disclosure statement filed with a federal bankruptcy court in Massachusetts.
TNCI said it’s “been able to maintain its customer base without any material loss of customers” despite the restructuring of its operations and a number of other issues.
The company also disclosed its revenues have been slightly higher than projected and expenses have been somewhat lower than anticipated since its bankruptcy filing.
A hearing on TNCI’s reorganization plan is set to be held on June 13. The U.S. Bankruptcy Court for the District of Massachusetts on Wednesday approved some motions, including an extension of TNCI’s exclusive right to solicit acceptance of the reorganization through the hearing date.
TNCI recently told Channel Partners that the company remains on track to emerge from Chapter 11 bankruptcy by July 31. In the amended disclosure statement, TNCI revealed that a business valuation expert, Capstone Valuation Services, LLC, determined that the enterprise value of its business is $12.5 million. TNCI said it believes its reorganization plan “will provide a higher dividend to the holders of Allowed General Unsecured Claims than would the sale of the Debtor’s operations as a going concern.”
In financial statements filed with the court, TNCI listed liabilities of $17.9 million and total assets of nearly $14.7 million as of December 2011. Debts owed as of the petition date include about $700,000 to independent sales agents.
TNCI resells telecommunications services over other carrier networks and also operates its own infrastructure. The company said it has restructured its own telecom network, TNCInet, and anticipates the network will begin yielding a positive margin by the second quarter of 2012.