We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Primus Files For Ch. 11, Plans To Cut Debt In Half

Law360 (March 16, 2009, 12:00 AM EDT) -- Global phone and Internet service provider Primus Telecommunications Group Inc. filed for Chapter 11 on Monday and plans a financial restructuring that will reduce its debt by more than 50 percent.

In a petition filed with the U.S. Bankruptcy Court for the District of Delaware by Primus and three affiliated holding companies, the company said a majority of noteholders have committed to support the restructuring plan, which is designed to eliminate $315 million of the company's debt obligations and cut interest payments in half.

The company's...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.