Law360, New York (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...
Primus Files For Ch. 11, Plans To Cut Debt In Half
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