Cloud computing provider Fusion Connect Inc. filed bankruptcy after a botched business plan and a pair of mergers piled on more debt than the company could repay.
Unless a court-supervised auction brings in a better deal, senior lenders owed about $574 million will take over the company under a proposal to slash debt by $300 million, Chief Financial Officer Keith Soldan said in court papers filed in federal court in Manhattan on June 3.
Fusion had borrowed $680 million, including the senior lender loans, to take over Birch Communications and MegaPath Cloud Co. last year. Part of that money went ...
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