Business Services Industry
A Novo Broadband in need of a financial fix. (Upfront: latest news and insight).(Brief Article)
CED, February, 2003
A Novo Broadband Inc., a New Castle, Del.-based outfit that fixes cable modems and set-tops, has filed for protection under Chapter 11, despite the fact that revenue at its repair division has more than doubted in the past 12 months.
The company said it filed for bankruptcy primarily to relieve liquidity pressure caused by the recent termination of its bank line--A Novo Broadband's primary source of working capital. A Novo said it was in default because it faired to meet a certain financial, covenant related to tangible net worth.
A Novo Broadband CEO Bill Kerry said the company will continue to operate and that it "did not expect revenues to be materially affected by the filing." He added that the filing would enable the company to extricate itself...
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