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Global Capacity, a Chicago-based telecommunications services company, filed for Chapter 11 bankruptcy.
The company secured debtor-in-possession filing from a consortium of lenders, including Downtown Capital Partners and some holders of its secured convertible debt, Global Capacity said in a filing with the Securities and Exchange Commission.
The company said it plans to eliminate as much debt as possible by equitizing its balance sheet and reducing the monthly cash flow required for debt service. Global Capacity named Capstone Investments as its financial adviser to manage the reorganization.
Global Capacity provides information and services to help companies manage their telecommunications networks less expensively.
Source: SEC Filing
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