PARSIPPANY, N.J.-Regional paging carrier Aquis Communications Group Inc. said it has taken the first steps of a significant restructuring plan, moves the company hopes will save it from the growing list of bankrupt paging companies.
Most importantly, Aquis announced a series of deals with its senior secured lender and its convertible debenture holder to hold off on its defaulted institutional debt. Under the agreements, Finova Capital Corp. and AMRO International agreed not to take any action on the debt until Jan. 1 of next year.
Aquis also announced a serious restructuring effort in which it will drop its non-core businesses and focus on its one-way paging operations in the Northeast and Mid-Atlantic regions. As part of the moves, Aquis said it would reduce its work force and salary expenses, saving about $1.5 million per year.
“With this positive vote of confidence from our institutional creditors, our focused business strategy and the operational changes which we have implemented, we believe that we have taken a major step to position Aquis for increasing growth and profitability,” said John B. Frieling, the company’s chief executive officer.
Aquis offers national and local wireless services to its customers in the Northeast, Mid-Atlantic and Midwest regions.
