Seabras 1 Bermuda Ltd and its subsidiary Seabras 1 USA LLC, which are the owners of the Seabras-1 cable between New York and Sao Paulo, filed voluntary petitions for Chapter 11 restructuring.
Seabras 1 Bermuda Ltd said it is pursuing a restructuring plan with secured lenders to address its debt situation and emerge as a vibrant, healthy business. An online statement cites an "unexpectedly steep decline in wholesale capacity pricing on the...
