WESTBOROUGH, Mass.—News from the nation’s paging and messaging companies continues to fly, as one announced its plan of reorganization was approved by its bankruptcy court and another said it will withhold filing its quarterly 10-Q report due to “certain activities in process that, upon completion … will impact the disclosures in the Form 10-Q.”
Arch Wireless Inc., the nation’s No. 1 paging and messaging provider, said the U.S. Bankruptcy Court, District of Massachusetts, Western Division, approved the company’s reorganization plan, and that the company would emerge from Chapter 11 as early as the end of this month.
“We are poised to exit bankruptcy as a financially healthier company and with an appropriate capital structure,” said C. Edward Baker Jr., the carrier’s chairman and chief executive officer.
Separately, paging and messaging carrier WebLink Wireless Inc. said in a filing with the Securities and Exchange Commission that it will delay its quarterly report for a week.
“The company’s Form 10-Q could not be filed within the prescribed period as a result of certain activities in process that, upon completion, or, if not completed, will impact the disclosures in the Form 10-Q for the period ended March 31, 2002. Due to the significance of these activities, the company believes it should delay its filing to ensure full and complete disclosures in the quarterly Form 10-Q.”
Delaying quarterly reports usually denotes major changes within a company, including acquisitions or mergers.
A source close to the company said WebLink was considering a variety of options, including outside strategic investments and partnerships with other paging companies—but not with paging provider Metrocall Inc. Early last year Metrocall and WebLink attempted to merge, but Metrocall bowed out.
The source said WebLink would make a major announcement in the next several weeks.
