Mpower strikes bankruptcy deal with creditors
Mpower today announced plans to enter Chapter 11 bankruptcy with a recapitalization plan in hand, eliminating $583.4 million in debt in exchange for stock and a mere $19 million in cash.
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If a majority of Mpower’s creditors approve the offer by March 19, the competitive carrier will eliminate $50 million in annual interest payments but will dilute its preferred stock to worthlessness. Mpower said it will continue to offer uninterrupted service to its customers while in bankruptcy. The company should finalize the recapitalization plan within 90 to 120 of days of filing Chapter 11.
--Kevin Fitchard, staff writer
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© 2012 Penton Media Inc.
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