Winstar Halved as it Mulls Bankruptcy

Winstar Communications (WCII Quote - Cramer on WCII - Stock Picks) was down 51.4% in late morning after hitting a 52-week low of 12 cents.

After the close Monday, the troubled telecommunications company said it missed $75 million in debt payments and is considering filing for Chapter 11 bankruptcy protection.

Winstar has hired Blackstone Group to advise it on restructuring. The company earlier this month cut 2,000 jobs and halted expansion of its network.