Paging Network Forced Into Bankruptcy

Bloomberg News

Paging Network Inc., the world's largest paging company with about 8.4 million customers, was forced into U.S. Bankruptcy Court by investors who say the company owes them $3.49 million in bond payments. In an involuntary Chapter 11 petition filed in Wilmington, Del., executives of Everest Capital Ltd. of Hamilton, Bermuda, asked a judge to resolve the Paging Network's past-due payment situation. Nasdaq halted trading in shares of Dallas-based Paging Network, which last year agreed to be bought by Westborough, Mass.-based Arch Communications for $1.36 billion. A spokesman for the company said it plans to respond to the petition. Shares of Paging Network last traded at $1.09, down 22 cents.

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