COUDERSPORT, Pa.—Adelphia Business Solutions Inc., the largest holder of 31 GHz local multipoint distribution services spectrum in the United States, filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York.
ABS said the financial restructuring was the most viable alternative given its capital requirements and debt service obligations. The company cited the “virtual shutdown of the telecommunications capital markets and the decline in the telecommunications industry generally,” as the reason for its decision.
ABS listed debts of $882.5 million and assets of $222.7 million.
