Motient to file Chapter 11
Motient became the latest carrier to reach a pre-arranged bankruptcy deal with its creditors, announcing Thursday it would enter Chapter 11 with a restructuring plan designed to eliminate most of its debt.
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Motient said the deal would eliminate $40 million in annual interest payments. In exchange, the holders of Motient’s senior notes will gain equity stakes in the company. Motient said it would keep its packet-data network running during the bankruptcy proceedings, leaving customers’ service uninterrupted. If the deal passes court approval, Motient estimates it will be cash-flow neutral by the end of 2002.
--Kevin Fitchard, staff writer
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© 2012 Penton Media Inc.
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