Acterna received bankruptcy court approval for a $30 million debtor-in-possession (DIP) financing package arranged by a group of banks led by JP Morgan Chase Bank and General Electric Capital Corporation. The company said the new funding ensures its ability to continue with its business plan, with a substantial investment in research and development to deliver optical, access and cable communications test solutions.
http://www.acterna.com
- On 06-May-2003, Acterna voluntarily filed for Chapter 11 bankruptcy court protection after negotiating a term sheet with its key lenders. Under the pre-negotiated reorganization, Acterna would significantly reduce its debt by more than $750 million, or 78% of the company's existing debt, while continuing normal business operations.
