Acterna Heads Into Chapter 11 Land
By Karen Brown -- Multichannel News, 5/6/2003 11:45:00 AM
The continued flat-line economy was apparently too much of a test for test-system provider Acterna Corp.
The Germantown, Md.-based provider of communications-test equipment for the cable and telecommunications industries filed for Chapter 11 bankruptcy protection Tuesday in the U.S. Bankruptcy Court's southern New York district.
To maintain operations through the reorganization process, the company has arranged for $30 million in debtor-in-possession financing provided by a cadre of banks, including J.P. Morgan Chase & Co. and General Electric Capital Corp.
The bankruptcy also applies only to Acterna's U.S. subsidiaries.
Acterna's proposed restructuring plan includes cutting more than $750 million in debt -- equaling about 78 percent of its total debt -- and cutting interest expenses at least $45 million.
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