Staff writer
(August 2, 2004) Choice One Communications Inc. officials this morning announced a plan to reorganize finances and lower debts through a voluntary prepackaged bankruptcy.
The company will file Chapter 11 papers sometime in the next month, they said."
"The restructuring would reduce Choice One's total debt from $650 million to $200 million and add $25 million in new cash to company coffers. Yawman said the company expects to stay in bankruptcy less than 60 days, with the entire process to be completed by the end of this year."
Wow - reduce debt by $450 million and add $25 million??? It looks like some unsecured creditors aren't going to get paid.
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