NewsWhore
03-04-2008, 02:10 PM
Dominican Republic based telecommunications company Tricom, SA has filed for chapter 11 bankruptcy protection on Friday, in a New York court. Among the debtors are the Bank of New York (as indentured trustee), Deutsche Bank Trust Company Americas, Stark Trading, Citigroup and Credit Suisse International as the largest unsecured creditors. Hoy reports that the bankruptcy is part of a recapitalization plan for the company which began after Tricom defaulted on loan payments in 2003. The company has US$764.6 million in liabilities and its assets are listed at US$327 million. According to Tricom CEO Hector Castro Noboa, Tricom negotiated with their creditors to exchange their debts for stock in the company, reducing debt by 70%. Noboa added that with this step the company could focus its resources on strengthening its infrastructure. The reason a large company like Tricom must file for bankruptcy in court is because it is a publicly traded company and a judge must agree to the restructuring plans.
www.chapter11blog.com/chapter11/2008/03/tricom-sa-files.html (http://www.chapter11blog.com/chapter11/2008/03/tricom-sa-files.html)
More... (http://www.dr1.com/index.html#7)
www.chapter11blog.com/chapter11/2008/03/tricom-sa-files.html (http://www.chapter11blog.com/chapter11/2008/03/tricom-sa-files.html)
More... (http://www.dr1.com/index.html#7)