Rhythms finalizes liquidation plans
Seven months after entering Chapter 11 bankruptcy, DSL provider Rhythms NetConnections received approval for its liquidation plan.
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Under the plan, Rhythms will pay 11.4% of its $1 billion in unsecured debt. Secured creditors will receive anywhere from 17.9% to 100% of what Rhythms owes them. Meanwhile, its network will go to WorldCom, which secured most of the failed CLEC’s assets in a $31 million fire sale.
Former CEO Catherine Hapka resigned last April after cashing more than $10 million is stock. Shareholders are suing the defunct carrier and its executives, claiming they misled shareholders about the financial health of the company while selling off stock.
--Kevin Fitchard, staff writer
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© 2012 Penton Media Inc.
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