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McLeodUSA Files Chapter 11
Independent local exchange carrier McLeodUSA(MCLD Quote) filed a prepackaged Chapter 11 bankruptcy after coming to terms on a recapitalization plan with a group of bondholders.
The company, a voice and data carrier that fell victim to the weak economy and growing competition, had previously disclosed it was working on the recapitalization and had warned it could face a bankruptcy filing. Buyout firm Forstmann Little will be the company's majority owner after the reorganization. ...
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