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Technology Stocks : Williams Communications Group - WCG

WCG 349.92

+1.4%

Jan 23 4:00 PM EST

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To: MangoBoy who started this subject	4/22/2002 11:32:41 PM
From: Frank A. Coluccio	Read Replies (1) of 609

Williams Communications Files for Chapter 11 TULSA, Okla. (Reuters) - Williams Communications Group Inc. (OTC BB:WCGR.OB - news) 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.

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