Monday, March 16, 2009

Primus Telecom Files for Bankruptcy

Another long-suffering name bites the dust. Primus Telecommunications filed for bankruptcy today in Delaware (09-10867). The company listed between $500 million and $1 billion in debt. Not much in the press release and also not much of a surprise: bonds had been trading in the single digits since forever.

Skadden Arps is listed as legal advisor, while CRT, which has recently been poaching restructuring bankers left and right, including from prominent hedge funds, will be financial advisor on the case. Sphere: Related Content
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dicalings said...

Primus' fiberoptic lines are worth more than their debt. After 11, I see .20 per share in a year.