Business Services Industry
VarTec Telecom Inc. seeks relief, files for bankruptcy protection.
Knight Ridder/Tribune Business News, November, 2004
By Vikas Bajaj, The Dallas Morning News Knight Ridder/Tribune Business News
Nov. 2--VarTec Telecom Inc. succumbed to the mounting pressures of its large debt and falling revenue and filed for bankruptcy protection Monday, citing an urgent need for new capital.
The Dallas-based phone company also said its Excel subsidiary would stop selling telephone services through independent representatives.
That move, if approved by the U.S. Bankruptcy Court for the Northern District of Texas, would mean that the company will no longer pay commissions to 130,000 outside agents. Some could lose thousands of dollars in monthly commissions.
VarTec executives said the company was working to help those people join a multilevel marketing firm in...
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