CERTIFICATION AND NOTICE OF TERMINATION OF REGISTRATION UNDER SECTION 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR SUSPENSION OF DUTY TO FILE REPORTS UNDER SECTIONS 13 AND 15(d) O
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15 -- This form is filed by a company as notice of termination of registration under Section 12(g) of the '34 Act, or suspension of the duty to file periodic reports under Sections 13 and 15(d) of the '34 Act.
McLeodUSA Exits Chapter 11 Bankruptcy Monday January 9, 12:37 pm ET McLeodUSA Exits Chapter 11 Bankruptcy; Company Taps Royce Holland of Allegiance As CEO
CEDAR RAPIDS, Iowa (AP) -- Telecom company McLeodUSA Inc., which sought bankruptcy protection last year amid falling revenue and stiff competition from larger players, has emerged from Chapter 11 after eliminating more than $600 million in debt. The company on Monday also said it appointed a new chief executive, Royce Holland, who was most recently chairman and CEO of Allegiance Telecom Inc., which was acquired by XO Communications Inc. in 2004.
McLeodUSA filed for Chapter 11 in late October 2005. The company's reorganization plan called for it to eliminate about $677 million in debt, leaving it with about $50 million in debt at present. The company has also obtained a new credit agreement that provides another $50 million in funding.
As part of McLeodUSA's reorganization, the company's old stock has been canceled and will no longer be publicly traded.
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