restructuring

 

Moto to Spin Off Device Unit What Now?

After weeks of rumblings around the rumor mill, Motorola Inc. did what many think it should have a while ago: announced it is separating its devices business from its Broadband and Business Mobility division (in English, thats the infrastructure side of the house). Both will be standalone, publicly traded companies. Investors were huzzah-ing, with Motorolas […]

AT&T Restructures SMB Partner Program

In keeping with a new mandate to move from a regional to a national structure, AT&T Inc. also is reorganizing its partner program focused on small and midsized business accounts, PHONE+ learned at the Channel Partners Conference & Expo. The change in corporate strategy was announced last week internally, but there was no press release. […]

Nortel Posts $37 Million Loss

Nortel Networks posted a second-quarter loss on Thursday. The company reported a $37 million loss, or 7 cents a share, compared with a net income of $342 million, or 79 cents a share a year earlier. That number was inflated by a $510 million legal settlement. Nortel said the net loss in the second quarter […]

Pac-West Files Bankruptcy

Wholesale service provider Pac-West Telecomm Inc. said on Tuesday it has filed for Chapter 11 bankruptcy. The company has watched revenue from ISPs continue to decline as it simultaneously has spent millions building out its network. It also sold its retail business to TelePacific Communications in March 2005, eliminating another revenue stream for Pac-West. Pac-West […]

Vonage CEO Resigns, Company Restructures

Michael Snyder, CEO of Vonage Holdings Corp., has resigned. The company made the announcement early Thursday morning at its investor conference call. Snyders resignation was effective on April 11. It came as part of a broader restructuring, said Jeffrey Citron, Vonage founder. Citron will serve as interim CEO while Vonage searches for Snyders replacement. It […]

McLeodUSA Officers Resign

Service provider McLeodUSA Inc. said yesterday its CEO has resigned, but will remain on the board of directors. The CLEC Chris Davis resigned as of Aug. 12 amidst the companys restructuring efforts, but she will stay on as chairwoman of the board. Ken Burckhardt also stepped down last Friday from his positions as executive vice […]

ITC^DeltaCom Announces Financing Commitment

ITC^DeltaCom Inc., the telecommunications provider in the Southeast, on Tuesday announced arranging a $239 million financing commitment from Tennenbaum Capital Partners LLC, a private investment firm. West Point, Ga.-based ITC^DeltaCom said it would use $209 million to fully refinance its senior credit facility while $30 million would be extended as a subordinated secured loan and […]

Wholesale Channel: Will Global Crossing Sink or Swim?

Posted: 03/2002 WHOLESALE CHANNELWill Global Crossing Sink or Swim? By Josh Long The recent bankruptcy filing of Global Crossing Holdings Ltd. signifies the harshest blow to investors who gambled on the wholesale telecommunications market since the late ’90s, injecting billions of dollars into communications companies that built fiber-optic networks around the world to power the […]

Wholesale Channel:   Carrier’s Carriers Trim Debt in Reorganization Plans

Posted: 2/2002 Wholesale Channel Carrier’s Carriers Trim Debt in Reorganization Plans By Josh Long Bondholders at Broomfield, Colo.-based Level 3 Communications Inc. retrieved $721 million towards the end of 2001, a year the investors would prefer to forget. After holding its “Modified Dutch Auction” last fall, Level 3 abolished $1.713 billion in debt in exchange […]

Wholesale Channel – PointOne Seeks Buyer in Voluntary Bankruptcy Filing

Posted: 10/2001 Wholesale Channel PointOne Seeks Buyer in Voluntary Bankruptcy Filing By Josh Long PointOne Telecommunications Inc., an Austin, Texas-based provider of voice-over-packet services, filed for Chapter 11 protection in the U.S. Bankruptcy Court in August. The facilities-based provider of wholesale long distance voice services said the voluntary filing would give it the best opportunity […]

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