Financially-troubled CLEC ICG disclosed Tues. it’s trimming workf...
Financially-troubled CLEC ICG disclosed Tues. it’s trimming workforce by 500 by Jan. 31 as part of reorganization. “This process is a key component of implementing our refined business plan and equal to the progress we have made in reducing…
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overall expenses and improving network performance,” said ICG CEO Randall Curran. ICG went through series of CEOs last fall, amid reports of missed revenue forecasts, downturn in stock prices and shareholder lawsuits. ICG received approval from U.S. Bankruptcy Court, Wilmington, Del., of its agreement with Chase Manhattan Bank to receive $200 million of new debtor-in-possession financing. Company said that as of Dec. 31, it had more than $200 million in cash.