E.spire filed voluntary petition for Chapter 11 bankruptcy protec...
E.spire filed voluntary petition for Chapter 11 bankruptcy protection Thurs. in U.S. Bankruptcy Court, Wilmington, Del. Spokeswoman said Judge Peter Walsh was scheduled to review CLEC’s petition March 27. Chapter 11 protection will enable e.spire to obtain funding it…
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needs to continue running company and freedom to act more quickly to restructure its bond debt, she said. E.spire Chmn. George Schmitt said company would “use this period to complete the reorganization of our finances and the equitization of our bondholder debt.” He said company had been working closely with committee of bondholders and had “received strong indications of support for a rapid restructuring.” Meanwhile, E.spire shares fell 26.6% Thurs. to new 52-week low of 34 cents per share. Nasdaq halted trading of e.spire stock at 3 p.m. Thurs., saying it had requested “additional information” from company. Trading will remain suspended until company has “fully satisfied” request for more information, according to Nasdaq, which didn’t provide more details on request.