ICG Communications Inc., a national competitive local exchange carrier, announced Thursday it is emerging from Chapter 11 bankruptcy court protection.
The Englewood, Colo.-based provider leaves the institution of creditor protection with $94 million in cash and $205 million in short- and long-term debt.
“This is a great day for ICG, our customers and our employees,” said ICG chief executive Randall E. Curran in a statement. “We have a conservative balance sheet, adequate funding to provide quality service to our customers, and we continue to expand our network footprint and product offerings.”
ICG serves business and carrier customers over its national network extending to more than 30 major cities. The company reported $214 million in revenue and $35 million in earnings before interest, taxes, depreciation and amortization for the first six months ending June 30.
ICG will trade its stock over the counter under the symbol ICGCV. The company also will issue warrants to certain creditors, which will be traded over the counter under the symbol ICGCW.
