Goodman Networks Files for Bankruptcy After Demand Sinks

Goodman Networks Inc. filed for bankruptcy after its satellite-dish installation and consulting business failed to replace the profits from building mobile-phone towers (In re Goodman Networks Inc., Bankr. S.D. Tex., 17-31575, petition filed 3/13/17).

The Frisco, Tex.-based network service contractor said in January that it had reached a restructuring support agreement with most holders of its 2018 senior secured notes. Under the proposal, Goodman would eliminate $212.5 million of long-term debt by swapping the current notes for lower-interest bonds, cash and ownership in the restructured company, according to a statement and regulatory filing.

Goodman announced in February that ...