Correction to Updated Story on Otelco's Bankruptcy Filing on Monday
March 27 2013 - 2:24PM
Dow Jones News
"UPDATE: Otelco Files for Chapter 11 Bankruptcy With
Restructuring Plan," published Monday at 12:53 p.m. EDT,
mischaracterized Otelco Inc.'s restructuring plan in the first,
second and fifth paragraphs. Under the plan, Otelco's subordinated
noteholders will share the reorganized company's new class A common
stock for a 92.5% voting interest, while the company's senior
lenders, owed $162 million, have agreed to issue Otelco a new $142
million loan and accept a $20 million cash payment and 7.5% of the
company's new class B common stock.
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