Frank and thread: any guess what might be a acceptable bid on this?
Nettel Communications To Hold Liquidation Auction
Updated 11:02 AM ET November 28, 2000
WASHINGTON -(Dow Jones)- Nettel Communications
Inc. will be sold at a bankruptcy auction on Dec. 8, the
company said in a press release Tuesday.
As reported Oct. 2, the company filed for Chapter 11
bankruptcy protection listing assets of $133.5 million and
debts of $155.7 million as of Aug. 31.
On Oct. 27, the company's Chapter 11 case was converted
to a Chapter 7 liquidation.
Nortel Networks Corp. (NT), Allied Capital Corp. (ALLC) and Williams Communications
Inc. (WCG) were owed a total of $92 million by Nettel as of Sept. 28. The lenders have
security interests and liens on substantially all of the company's assets.
As of Sept. 30, Nettel purchased and installed 13 switches connected by 9,000 fiber miles
in Atlanta, Boston, Chicago, Detroit, Los Angeles, New York, Orlando, Phoenix, San
Diego, Syracuse, Tampa and Washington, and billed 1,500 T-1 clients.
-Thomas Gryta; Dow Jones Newswires; 201-938-5400
(This story was originally published by Dow Jones Newswires)
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