FiberTower Corporation (OTC: FTWRQ)
FiberTower Network Services Corp.
FiberTower Licensing Corp.
FiberTower Spectrum Holdings, LLC
United States Bankruptcy Court, Northern District of Texas
July 17, 2012
FiberTower Corporation (OTC: FTWRQ) filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code today in the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth division. Its affiliates FiberTower Network Services Corp., FiberTower Licensing Corp., and FiberTower Spectrum Holdings, LLC also filed voluntary petitions under chapter 11.
The companies immediately filed a proposed plan of reorganization which "will eliminate the Company's long-term debt" and reorganize FiberTower "around its restructured legacy backhaul network as well as two other business lines - - spectrum services and carrier services." The plan is supported by an ad hoc group of holders of the Company's secured debt pursuant to a plan support agreement, according to a press release announcing the bankruptcy filing.
For more information on these cases, please visit the following recent posts on our blog:
• List of 30 Largest Unsecured Creditors: http://chapter11cases.com/fibertower-corporation-list-of-30-largest-unsecured-creditors/
• Copies of the Companies’ Voluntary Chapter 11 Bankruptcy Petitions: http://chapter11cases.com/fibertower-corporation-copies-of-the-companies-voluntary-chapter-11-bankruptcy-petitions/
• Background: Recent Financials & Form 10-K for Fiscal Year Ended December 30, 2010: http://chapter11cases.com/fibertower-corporation-bankruptcy-background-form-10-k-for-fiscal-year-ended-december-30-2010/
• Background: Recent Financials & Form 10-Q for Quarterly Period Ended June 30, 2011: http://chapter11cases.com/fibertower-corporation-bankruptcy-background-form-10-q-for-quarterly-period-ended-june-30-2011/