Telemetrix, a wireless mobile telecommunications service provider and network operator, has announced that the company and Convey Communications, its wholly owned subsidiary, have filed voluntary petitions under the provisions of Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court, Denver, Colorado.
The company said that it has taken these actions after determining that seeking Chapter 11 bankruptcy protection is in the best interests of the company, its creditors, stockholders and other interested parties in light of the ongoing financial challenges and the inability to adequately fund operations and obligations.
The company is a debtor-in-possession under the jurisdiction of the bankruptcy court and in accordance with the applicable provisions of the code and orders of the court. Telemetrix has retained Weinman & Associates as bankruptcy counsel.
William Becker, CEO of Telemetrix, said: Over the past six months, Telemetrix has significantly improved its expense management and streamlined its organizational structure. Unfortunately, the burden of Telemetrix’s long-term indebtedness, coupled with the lack of refinancing options in today’s constrained credit markets, have limited our ability to restructure using out-of-court vehicles, leaving Telemetrix with no alternative other than the actions announced today.