Upstart RCN Files for Bankruptcy Protection
From Associated Press
RCN Corp., a telecommunications upstart that packages phone, Internet and cable service but has been shedding assets and employees, filed for Chapter 11 bankruptcy protection and said it had support from creditors for a restructuring plan.
The company’s troubles stem from poor timing and its expensive decision to challenge telecom and cable giants such as Verizon Communications Inc. and Comcast Corp. by building its own network.
The Princeton, N.J.-based company said the filing, in U.S. Bankruptcy Court for the Southern District of New York, was not expected to result in service disruption in Southern California or elsewhere.
