BOSTON-American Tower Corp. announced last week its Verestar Inc. subsidiary has filed for Chapter 11 bankruptcy protection. American Tower had planned to sell the satellite and fiber network communications access provider by the end of 2003, and a year ago designated Verestar a discontinued operation for financial purposes.
American Tower canceled the pending sale Dec. 22, but said it expects negotiations to continue between Verestar and the buyer. The company does not anticipate the Verestar bankruptcy will have an adverse effect on its business.
