After Series Of Hang-Ups, Telecom Co. To Enter Ch. 11

Law360, New York (February 1, 2013, 5:30 PM EST) -- Wireline telecommunication services provider Otelco Inc. said Friday that it will be forced to enter into a prepackaged Chapter 11 bankruptcy following the loss of a valuable Time Warner Cable Inc. contract and a blow to its revenue caused by a recent federal communications ruling.

Alabama-based Otelco is saddled with $270 million in debt, $162 million of which is senior debt that will mature in October, and is hoping that entering Chapter 11 will help slash its debt in half.

Otelco decided to take the plunge...
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