ALEXANDRIA, Va.-Paging and messaging provider Metrocall Inc. announced its plan of reorganization was confirmed by the United States Bankruptcy Court and that the company expects to emerge from the restructuring process by early October.
“We are pleased our plan has been confirmed by the court and was supported by an overwhelming majority of all voting classes,” said Vincent Kelly, Metrocall’s chief operating officer and chief financial officer. “We continue to exceed the service revenues, operating cash flow and subscriber targets provided for in our restructuring business plan.”
Metrocall said the reorganization was completed without any debtor-in-possession financing and will result in substantial debt elimination and de-leveraging. The company will continue to focus on its traditional subscriber base, emphasizing business development and retention of small business, government, health care and corporate customers.
