Fiber optic network builder 360Networks Inc., which had been struggling with mounting debt and slower than expected demand, said Thursday it had filed for protection from creditors.
360Networks said in a statement that the “very disappointing” decision to file for protection in Canada and the United States courts represented its “best opportunity” to reorganize its core business in a “difficult telecommunications environment.”
The company that once dreamed of ringing the world with cable said that it still had access to $155 million in unrestricted cash and it still intended to complete its network in North America.
The company said that it made the filings for protection in the Supreme Court of British Columbia and in the U.S. federal Bankruptcy Court for the southern district of New York.
Filings for protection also were made for several of its operating subsidiaries, but not the 360Americas units it acquired when it purchased GlobeNet Communications Group, the company said.