Metrocall Files for Bankruptcy Protection

Metrocall Inc., the second-largest U.S. paging-services provider, filed for bankruptcy protection to eliminate more than $700 million in debt. The Alexandria, Va.-based company listed assets of $189.3million and debts of $937million in Chapter 11 papers filed in U.S. Bankruptcy Court in Delaware.

Metrocall, which hasn’t earned a profit since 1992, is the latest bankruptcy in an industry losing customers to cellular telephones and other devices.

Shares of Metrocall, which serves about 5.4 million customers, fell less than 1 cent to 1.4 cents in over-the-counter trading.