Universal Broadband Files for Bankruptcy

Universal Broadband Networks Inc., an Irvine high-speed communications carrier, said Tuesday that it has filed for bankruptcy protection.

The company opted to file for bankruptcy after failing to secure significant new vendor financing, a result of depressed market conditions in the telecommunications equipment and services industries, Michael A. Sternberg, chief executive officer and president, said in a prepared statement.

Universal Broadband had warned two weeks ago that lack of vendor financing had created substantial uncertainty about its ability to continue operations.

Trading in the stock was halted on the Nasdaq Stock Market after the announcement.