NorthPoint Communications filed for Chapter 11 protection in U.S....
NorthPoint Communications filed for Chapter 11 protection in U.S. Bankruptcy Court, San Francisco, and said it planned to sell “substantially all” of its business and assets. NorthPoint CEO Liz Fetter said company would look for “financially sound strategic partner…
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who is interested in our network, our skilled and dedicated employees and our attractive customer base.” Spokesman said NorthPoint would to go forward with suit it filed against Verizon for pulling out of planned merger (CD Dec 11 p6). Fetter said that when Verizon “unexpectedly pulled out of the merger… it created a funding shortfall” for NorthPoint. Company said it secured commitment for up to $38 million of debtor-in- possession financing from its existing lenders to continue day-to- day operations.