GERMANTOWN, Md.-Bankrupt communications test and measurement company Acterna Corp. has filed reorganization plans with the U.S. Bankruptcy Court for the Southern District of New York and has hired a new chief financial officer.
The company said its plan of reorganization will reduce its long term debt by $770 million, or 80 percent, and lower its annual cash interest expense by at least $45 million.
“We are well funded to support our business plan and product development initiatives, and are on track to emerge from Chapter 11 protection in early October as a stronger company ready to build on its leadership position in communications test solutions,” said John Peeler, Acterna’s president and chief executive officer.
The company has also named Grant Barber, previously corporate vice president and controller of the company, to the position of CFO, replacing John Ratliff who will retire.
