VANCOUVER, Canada A telecommunications firm, 360 networks, which has $1.2 billion of senior secured bank debt, filed for protection from its creditors Friday.
The Vancouver, British Columbia, company and several subsidiaries filed for protection under the Companies Creditors Arrangement Act in the Supreme Court of British Columbia, and its U.S. subsidiary and 22 affiliates filed for Chapter 11 protection in U.S. Bankruptcy Court, 360 networks said. The company had wanted to build a fiber-optic network linking more than 100 cities worldwide.
In October it announced that it had completed a $1.2 billion senior credit facility to fund development of network and broadband services and to refinance other bank borrowings.
Chase Securities Inc., the Credit Suisse subsidiary DLJ Capital Funding Inc., Goldman Sachs Credit Partners LP, and TD Securities (USA) Inc. led the syndication, according to the companys documents.