The service provider Fusion announced this week that it has completed its financial restructuring and emerged from the bankruptcy process. The company filed for Chapter 11 back in June of last year, barely a year after buying Birch and Megapath and a month after getting approval for their plan.
The company emerges with $400M less debt, no pesky public shareholders, and $115M in financing by some of the company's first lien lenders. They do so with COO Kevin Brand at the helm as interim CEO, and a new board of directors.
Now all they need to do is build a successful business out of the dozens of assets Birch and others acquired over the prior decade, the largest lump of which is probably Cbeyond. The transition from CLEC to cloud-based managed services has been a bumpy one for most that have tried it, and Fusion is no different.
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