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January 8, 1987

ARGO COMMUNICATIONS FILES FOR CHAPTER XI BANKRUPTCY PROTECTION

By CBR Staff Writer

Small US long-distance satellite telephone service operator Argo Communications Corp, New Rochelle, New York has filed for Chapter XI bankruptcy protection after defaulting on a $200,000 payment to a unit of CitiCorp, showing assets of $73.7m and liabilities of $53.5m: the company blames vigorous competition, and says its biggest unsecured creditor is AT&T, owed $2.1m; Argo tried to effect a merger with two other small telecommunications carriers, Microtel Inc of Boca Raton, Florida and Litel Telecommunications Corp, Worthington, Ohio six months ago, but failed to agree.

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