Pennsylvania based Xanadoo Holdings Inc. and its affiliates filed for bankruptcy protection in a Delaware court without stating a reason why in court documents.
The company listed more than $100 million in assets and as much as $100 million in debts. They have filed for Chapter 11 bankruptcy protection. Chapter 11 bankruptcy, filed by a bankruptcy attorney is utilized by a business to restructure so they can continue to operate their company.
Xanadoo started in 2006 and is the first and only company to provide 4G, or fourth generation internet, to the Midwest. They offer WiMax plans for as low as $14.95 a month. They began operations in Illinois; they also operate in Texas, Kansas and Oklahoma. Xanadoo has a licensed spectrum in 11 states in the Southwest and Midwest.
Bankruptcy offers a business or an individual protection from creditors when they are unable to pay. There are few different options available to the company or person who is unable to satisfy creditors. A bankruptcy lawyer can inform you on which filing best suits your needs. There are numerous options available, which include Chapter7, Chapter 11 and Chapter 13, all dictated to various needs.
Economic troubles can plague anyone, even large businesses can fall into financial ruin. Unforeseen circumstances can create financial troubles that may only be solved with the aid of a bankruptcy attorney. After satisfying the terms of bankruptcy protection, a person can have a fresh start with their finances.
