Network gear maker Redback Networks filed on Monday a Chapter 11 bankruptcy plan that would erase $467 million in debt.

The plan calls for the company to use a reverse stock split of 73-for-1 to make major creditors Creedon Capital Management, Citadel Investment Group and Ramius Capital Group into owners of a collective 47 million Redback shares.

Redback files for bankruptcy | CNET News.com