Heavily indebted FiberTower files for bankruptcy to reorganise
Communications-technology company FiberTower Corp. filed for
bankruptcy protection with the hope of scaling back its operations and
handing over ownership to bondholders who are owed a piece of its $527 million in debt.
Company executives placed the 57-worker company under Chapter 11
bankruptcy protection Tuesday, disclosing in court papers that the value
of FiberTower's business is less than the $132 million it owes a group of bondholders.
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