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| A Spinoff of Williams May Seek Bankruptcy by Jeremy at 5:33 am EST, Feb 26, 2002 | |||
The Williams Communications Group, the troubled provider of broadband network services, said yesterday that it was looking to restructure its debt obligations and that it might seek Chapter 11 bankruptcy protection from its creditors. Several weeks ago, Williams said that it was not considering filing for Chapter 11. But the announcement yesterday did not surprise analysts or investors. "The market has been expecting this for a while," said Timothy K. Horan, an analyst at CIBC World Markets. ... The Williams Communications statement "suggests that something is going on, but we still don't know what that is." ... SBC Communications Inc., the nation's second-largest telephone company, is its largest customer. SBC also owns about a 4 percent equity stake in Williams Communications. ... Is this the next step in the telecom collapse? Will WilCom bring SBC and the rest of Williams down with it? | |||
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