Business Services Industry
San Diego-Based Leap Wireless Files for Chapter 11 Bankruptcy Protection.
Knight Ridder/Tribune Business News, April, 2003
By Jennifer Davies, The San Diego Union-Tribune Knight Ridder/Tribune Business News
Apr. 15--Leap Wireless, the San Diego cell-phone carrier, joined the brethren of embattled telecom companies that have entered bankruptcy proceedings.
The once high-flying wireless company filed for Chapter 11 protection late Sunday hoping to escape from its crushing debt of close to $2.5 billion. The company, which offers unlimited local cell phone service in 40 markets under the Cricket brand, listed assets of $2.2 billion.
Leap executives said their goal is for the company to shed its debt and emerge quickly from bankruptcy with a healthy balance sheet, allowing the company to better build its business.
"No one likes to be where we are,"...
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