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Viatel files for Chapter 11
Lays off 350
Viatel has filed for Chapter 11 bankruptcy protection from creditors.
The company is a New York based European telco network builder. The NASDAQ-listed company operates two consumer brands - Telco and Econophone - in the US and Europe.
It made 350 people redundant when it filed for Chapter 11 yesterday. It laid off 650 workers in January. It made losses of $1.75 billion last year.
It said it intends to wind up most of its US business and concentrate on its core European business. This is principally high-growth, higher-margin corporate and broadband business segments. And the rollout of whole sale unfettered net access FRIACO-based services in Britain. ®