On second thought: Williams Communications considers bankruptcy
Three weeks after asserting that it was not considering bankruptcy, Williams Communications said today that it might file for Chapter 11 protection as a means of de-levering its balance sheet. The long-haul carrier has seen its business hurt by the lack of demand for bandwidth and its high debt load.
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Though the company is in ongoing discussions with its bank lenders, it said bankruptcy became an option last Friday after concluding “certain institutions other than the banks are not likely to participate in the restructuring process on terms that are beneficial to all stakeholders of the company.”
According to Williams, any of the new options under consideration could be highly dilutive to current shareholders. In addition, any reorganization would include reducing the company’s cost structure by 25%, a figure that would include layoffs.
--Toby Weber, staff writer
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© 2012 Penton Media Inc.
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