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Network Plus Files Chapter 11
February 5, 2002
By Colin C. Haley
Network Plus (Quote), a broadband communications provider with 75,000 East Coast
customers, has voluntarily filed for Chapter 11 bankruptcy protection as it tries to avoid becoming the latest sector casualty.
"This was a very difficult decision," said Robert T. Hale, Jr., Network Plus president and CEO. "However, at this time, we believe that our actions are in the
best interests of our creditors, employees and customers."
The Randolph, Mass., company is trying to obtain debtor-in-possession (DIP) financing from its secured bank lenders, including Fleet National Bank, Goldman
Sachs Credit Partners, Netplus Funding (an affiliate of DLJ) and IBM Credit Corp.
DIP backing would enable the company to operate while it tries to find a buyer or auctions its assets. The company is also asking stakeholders for permission to use
cash collateral.
Several hundred jobs will reportedly be cut in the restructuring.
The petition was filed in U.S. Bankruptcy Court in Delaware late Monday. Nasdaq officials halted trading ot NPLS stock this morning with shares at 0.22. The
issue will not resume trading again until Network Plus has fully satisfied Nasdaq's "request for additional information." It did not specify what information was sought.
Network Plus offers telecommunications and broadband data services, primarily to small and medium-sized business customers located in the Northeastern and
Southeastern regions of the United States. The Company's bundled product offerings include local and long distance service and high-speed data and Internet
services.
The company's filing comes on the same day that DSL.net (Quote), of New Haven, Conn., said it would acquire customers and equipment from the failing Broadslate Networks, of
Charlottesville, Va.
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