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TECHNOLOGY BRIEFS

Winstar May File for Chapter 11

April 17, 2001|Associated Press

Winstar Communications Inc. failed to make $75 million in senior debt securities and said it is considering filing for Chapter 11 bankruptcy protection. The New York-based telecommunications company said it failed to make the payments, which were due Monday to Lucent Technologies Inc. The company also said it will delay filing its annual report with the Securities and Exchange Commission. Earlier this month, Winstar laid off 2,000 workers, or 44% of its work force, after Qwest Communications said it had no plans to buy it. Winstar also halted expansion of its domestic and international network for the rest of the year, to focus on building business within its broadband infrastructure. Shares of Winstar were up 8 cents to close at 35 cents on Nasdaq.

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