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AOL Latin America Files for Chapter 11

Some of the company's units also file voluntary petitions.
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America Online Latin America

(AOLA)

filed a voluntary petition for bankruptcy protection under chapter 11 of the U.S. Bankruptcy Code.

The filing was made in the Bankruptcy Court for Delaware. AOL Latin America's AOL Puerto Rico Management Services, America Online Caribbean Basin and AOL Latin America Management LLC also filed voluntary petitions.

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AOL Latin America's other divisions will continue normal operations, and its subscribers will continue to receive the America Online branded service without interruption.

AOL Latin America is the exclusive provider of AOL-branded services in Latin America. The company's stock currently trades for less than 5 cents a share.