Business Services Industry
VarTec Telecom Inc. faces default as anxious sales representatives gather.
Knight Ridder/Tribune Business News, August, 2004
By Vikas Bajaj, The Dallas Morning News Knight Ridder/Tribune Business News
Aug. 31--VarTec Telecom Inc., the troubled Dallas phone company, has two engagements today that could help determine its fate.
A Washington finance cooperative may declare the company in default of $340 million in loans, if it doesn't make a principal payment today or renegotiate the debt.
Also today, thousands of anxious independent sales representatives for the company's Excel Telecommunications subsidiary will begin their annual convention, Excelebration, in Dallas.
Once a highly profitable reseller of long-distance phone service, privately held VarTec has fallen on hard times. It has already told the National Rural Utilities Cooperative Finance...
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