Fiber Firm Everstream Files Bankruptcy After Debt Struggles

Fiber-network provider Everstream has filed for bankruptcy in Texas after struggling with its debt load and underperforming rivals.

The Cleveland-headquartered company has about $1.06 billion of funded debt obligations, according to court papers dated Wednesday. The company is levered about 21 times, based on financial metrics as of the end of last year, the papers showed.

Other factors that led to the downfall of the company include over-expansion of its fiber routes and a failure to upgrade to faster 5G networks like large firms were doing, Justin Schmaltz, a restructuring adviser to the company, wrote in the papers.

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