Open Range Communications, a provider of high speed Internet access to rural areas in 17 states, has filed for bankruptcy protection after failing to secure further funding.
The Greenwood Village, Colo.-based company, which received a $267 million loan in 2009 from the U.S. Department of Agriculture, as well as $100 million from JPMorgan Chase & Co., plans to sell its network or liquidate.
Privately held wireless broadband operator Open Range Communications filed for bankruptcy protection in the U.S. district court of Delaware and said it was looking to sell selected assets.
Open Range listed total assets of $114 million and total liabilities of $110 million as of Sept. 30, the company said in court papers.
The company, which has been facing problems procuring spectrum from vendors like Globalstar and Alvarion , also said it reduced its headcount to 48 from 174 on Wednesday.
The case is: Open Range Communications Inc, U.S. Bankruptcy Court, District of Delaware, No. 11-13188. (Reporting by Divya Sharma in Bangalore)