Acterna filed a plan of reorganization with the U.S. Bankruptcy Court for the Southern District of New York that would reduce its long term debt by $770 million, or 80%, and lower its annual cash interest expense by at least $45 million. Acterna said its plan is supported by the company's official committee of unsecured creditors. Assuming court approval of the plan, Acterna expects to emerge from Chapter 11 protection in early October. Upon emergence from Chapter 11, the company believes it will be sufficiently funded to execute on its business plan. As of 30-June-2003, Acterna had $53 million of cash on hand and access to a $30 million debtor-in-possession credit facility.
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.
In March 2003, Acterna named John R. Peeler as its new CEO, replacing Ned C. Lautenbach. Peeler maintains his position as president of Acterna Corporation and president and chief executive of Acterna's communications test business, the company's largest business unit. He has served with the company for 23 years, including as president and CEO of TTC, the company that merged with Wavetek Wandel Goltermann in 2000 to form Acterna.
