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New Global Telecom, which filed for chapter 11 protection on May 25, 2001, gets its reorganization plan approved by the court
April 17, 2002
GOLDEN, Colo. -- New Global Telecom, Inc., a provider of outsourced network management and network operations services to telecommunications carriers, today announced the confirmation of its plan of reorganization by the U.S. Bankruptcy Court for the District of Delaware. "The strength of our network management and network operations service offerings, combined with the retention of our key customer contracts, allowed us to survive a very difficult period," stated Rich Grange, President and CEO. "We appreciate all the support provided by our customers, suppliers, employees and advisors during this critical time. This support has enabled us to emerge from chapter 11 in less than eleven months with a strong, viable business plan providing unique, value-added outsourced network management and network operations services to telecom service providers worldwide." New Global Telecom voluntarily filed for chapter 11 protection under federal bankruptcy law in Wilmington, Delaware on May 25, 2001, during the dramatic downturn in the telecommunications industry. NGT is privately held, and as part of the reorganization plan, NGT founders and employees will invest in the reorganized entity. New Global Telecom Inc.
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