Otelco’s Prepack Plan OK’d After Quick Stint In Ch. 11

Law360, Chicago (May 6, 2013, 8:27 PM EDT) -- Wireline telecommunications provider Otelco Inc. on Monday completed a speedy trip through bankruptcy in under 45 days, winning court approval of a prepackaged reorganization plan that will slash the company’s $271 million of long-term debt in half.

U.S. Bankruptcy Judge Mary F. Walrath signed off on Alabama-based Otelco’s plan after an uncontested confirmation hearing, according to an order filed in Delaware bankruptcy court.

Headquartered in Oneonta, Ala., Otelco provides traditional wired phone service in seven states, in addition to data and Internet capability, and charges other...
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