CHARLOTTESVILLE, Virginia, United States—The local multipoint distribution services (LMDS) provider formerly known as Advanced Radio Telecom (ART) emerged from Chapter 11 bankruptcy protection and will change its name to First Avenue Networks, the company announced.
The corporate offices will be relocated to Charlottesville, Virginia, from Bellevue, Washington.
First Avenue Networks said virtually all the company’s debt, preferred stock and other pre-filing obligations have been converted into equity of the reorganized company. No distribution to former common shareholders was included in the reorganization plan, and all existing ART common shares were canceled.
The reorganization plan provides for the issuance of 20 million shares of common stock. Approximately 6 million shares not held by affiliates will be exempt from registration and thus available for resale immediately. First Avenue Networks will be traded on the OTC-BB beginning approximately 31 January.
First Avenue Networks also has a new management team and board of directors.
“We are open for business and focusing on customer needs. We have nationwide coverage of 39 GHz spectrum with an extraordinary presence in metropolitan areas. We aim to use these assets to provide communications solutions for carriers and other wholesale customers,” said Dean M. Johnson, president and chief executive officer (CEO) of First Avenue Networks.
