McLeod exits Ch. 11, names Royce Holland CEO
McLeodUSA exited Chapter 11 bankruptcy today, naming Royce Holland its new CEO.
Industry News
Blogs
Briefing Room
advertisement
Holland is the former CEO and co-founder of another competitive local exchange carrier (CLEC), Allegiance Telecom, which declared bankruptcy in 2003 and was acquired by XO Communications in 2004. Before that, Holland was also a president and co-founder of MFS Communications, one of the nation's first CLECs, which was acquired by Worldcom in 1996.
McLeod's previous CEO, Chris Davis, resigned last August along with its chief financial officer, Ken Burckhardt. Following her departure, McLeod was led by Chief Restructuring Officer Stan Springel, who had been hired to advise the company on strategy. Its CFO was replaced by acting CFO Joe Ceryanec.
McLeod's prepackaged restructuring plan, executed within weeks of its approval, eliminated about $677 million in debt by converting it to 100% of the company's equity, canceling its former common and preferred stock. The company also reduced its remaining debt to about $73 million using the sale of its former headquarters building in Cedar Rapids, Iowa. Net of available cash, the company currently has about $50 million in debt and access to another $50 million in the form of a $40-million revolving credit facility and a new $10-million term loan.
The company also named a new board of directors, which includes Holland, John Hank Bonde, Donald Campion, Eugene Davis, John McEvoy, Alex Stadler and D. Craig Young. Davis no longer holds her seat, which she retained after she resigned as CEO.
Want to use this article? Click here for options!
© 2012 Penton Media Inc.
advertisement
Learning Library
Webcasts
Using Real-Time Offers, Alerts and Interactions To Improve the Mobile Broadband Experience
In this Webinar you will learn how to create a real-time relationship with your customers, how to proactively improve the customer experience, and how to successfully target and cross-sell services to boost incremental revenue.
- Megabytes to Megabucks, Bandwidth to Business Models: How 4G Is Changing Everything
- How to Unplug Your Redundant Telco Apps To Save Money and Improve Efficiency
- When IaaS Isn't Enough: Service Provider Business Models to Drive Growth and Build Margin
- How to Transform Your Aging Telco Voice Network to Drive New Profits and Revenue
- Creative Licensing Approaches for Telcos & Their Network Equipment Vendors
- Smart Home Opportunity: Balancing Customer Data & Privacy
White Papers
The Role of Diameter in All-IP, Service-Oriented Networks
This paper discusses the rise of Diameter and benefits of Diameter Protocol.
- Conducting The Orchestration – Order Management at the Speed of Business
- Toward a Converged Network Edge
- Beyond Spam – Email Security in the Age of Blended Threats
- 6 Important Steps to Evaluating a Web Filtering Solution
- The Expertise to Protect You from Botnet and DDoS Attacks
- Seeing is Believing – Bridging the Order Visibility Gap
Featured Content
A time and money saving approach to fiber deployment
Service providers are under tremendous pressure to turn up new services faster then before and, at the same time,
to do it at less expense - and intra-office fiber is one of the biggest challenges in terms of both cost and service
turn-up.
Stay Connected
of interest
The Latest
News
From the Blog
Briefingroom
Join the Discussion
advertisement
Resources
Get more out of Connected Planet by visiting our related resources below:
Connected Planet highlights the next generation of service providers, as well as how their customers use services in new ways.
Subscribe Now