Spectrum's filing in a Texas federal court came after the company failed to make a $25.8 million interest payment on some of its bond debt. If the reorganization plan submitted to the U.S. Bankruptcy Court for the Western District of Texas is accepted, at least $1 billion of Spectrum's bond debt would be replaced with $200 million in new bond issuances plus new shares of stock in the post-bankruptcy company.
No layoffs are planned by the company, while current stockholders would see their 52.8 million shares eliminated. To read the full Atlanta Journal-Constitution story, click here
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