360networks seeks bankruptcy protection
With about $2.6 billion in debt and claiming just $155 million in cash, 360networks late last week sought court protection from its many creditors, filing for Chapter 11 bankruptcy in the U.S. and similar protection in Canada. The long-haul carrier, which will lay off 44% of its workers, has hired an investment-banking firm to help restructure its debt and plans to begin insolvency proceedings for some of its European subsidiaries.
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