Yipes Communications files Chapter 11
Optical Ethernet provider Yipes Communications has filed for Chapter 11 in a San Francisco bankruptcy court, according to the carrier.
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The voluntary petition for reorganization will allow the carrier to continue its business operations, according to a company press release. Yipes has arranged for debtor-in-possession financing, the release states.
“This proposed restructuring is unavoidable given the unprecedented pessimism affecting providers of capital to the telecom market,” said Yipes CEO Jerry Parrick in the release. “Although our pioneering technology has proven its merits and customer demand for Yipes services is exceptionally strong, the ‘perfect storm’ now battering the telecom industry has pummeled even the mighty, and we are no exception.”
Since being founded in 1999, Yipes has received $291 million in funding from more than 30 investors, including Norwest Venture Partners, New Enterprise Associates (NEA), The Sprout Group/CSFB, Focus Ventures, JP Morgan Partners, BancBoston Ventures, Soros Private Equity Partners, Focus Capital and Intel Capital. Several of these investors were called to comment on this story, but none agreed to do so.
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© 2012 Penton Media Inc.
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