Acterna Files for Chapter 11

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. Acterna also announced that it has arranged debtor-in-possession financing of $30 million from a group of banks led by JPMorgan Chase Bank and General Electric Capital Corporation.
http://www.acterna.com