Covad Set to Emerge from Chapter 11

Author:
Updated:
Original:

Santa Clara, Calif. - Struggling digital subscriber line provider Covad
Communications Inc. is set to do what no other telecom in recent history has
accomplished - successfully emerge from Chapter 11 bankruptcy.

Covad said it is planning to exit the reorganization process some time around
Dec. 20, armed with a bondholder agreement that eliminates its $1.4 billion debt
load.

The company recently received $150 million from incumbent local-exchange
carrier SBC Communications Inc.

Related