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Strategies & Market Trends : Trend Setters and Range Riders

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Nov 21 9:30 AM EST

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To: Challo Jeregy who wrote (16200)	4/22/2002 11:15:18 PM
From: Susan G	Read Replies (1) of 26752

Another one bites the dust... Williams Communications Files for Chapter 11 April 22, 2002 10:45 PM ET TULSA, Okla. (Reuters) - Williams Communications Group Inc. WCGR.OB said on Monday it has filed for Chapter 11 bankruptcy protection in a bid to restructure and cut its debt by about $6 billion. The company said it filed for bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York and expects to file a reorganization plan in the "near future." Its operating subsidiary, Williams Communications, LLC, is not expected to be involved in the Chapter 11 reorganization process, the statement said. The company's Chapter 11 filing comes as the battered telecommunications sector continues to takes a hammering from heavy competition, a glut of fiber-optic networks and bankruptcy filings by other competitors. reuters.com

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