TECHNOLOGY & TELECOMMUNICATIONS
From Times Staff and Wire Reports
Thrifty Tel Files for Chapter 11: : The Garden Grove-based long-distance telephone company filed for federal protection from creditors after a factoring company threatened to foreclose on the company’s remaining cash reserves, the phone company said. Thrifty Tel will continue operations, but it said a successful reorganization will be based on negotiating substantially lower payments to federal and state governments on unpaid excise taxes. In addition, the company said it is no longer negotiating with the Licklider Group for an equity investment.
