Flag Telecom filed for bankruptcy protection, becoming the latest high-speed network operator to buckle under mounting debt amid the industry's glut of network capacity and slumping demand. Flag's board authorized the filing after banks sped up debt repayment, which triggered a cross default on its outstanding senior notes. ... If an agreement can be reached, Flag could emerge from bankruptcy. The company is backed by Verizon (18.6%) and Tyco (11.2%), among others. So, who wants to buy the world's longest cable? Cheap! Cheap! What, no takers? |