Broadband Operator Xanadoo Takes Ch. 11 Plunge

Law360, New York (June 10, 2011, 3:05 PM EDT) -- Broadband wireless company Xanadoo Holdings Inc., which has ties to a satellite television business that came under fire over securities fraud allegations, sought Chapter 11 protection on Friday in Delaware.

The Bala Cynwyd, Pa.-based company and four affiliates filed a petition estimating total assets at between $100 million and $500 million, and total liabilities at between $50 million and $100 million. The company provides broadband services to smaller communities in Texas, Oklahoma and Illinois.

No explanation for the bankruptcy was offered in court filings made public...
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