ANCHORAGE (AP) -- An Oregon company and its Anchorage-based affiliate have filed for Chapter 11 bankruptcy protection after its Australian investors shut off the source of future funds.
WCI Cable of Hillsboro, Ore., and Fiber Star opened service on a fiber-optic cable from Alaska to the Lower 48 in 1999. The 2,000-mile line was part of a Pacific-wide network envisioned by investors.
The company did not provide phone, Internet or other telecommunication services. Rather, Fiber Star executives said the idea was to sell capacity on its fiber lines to customers such as AT&T, oil companies, airlines or others doing business in Alaska.
In 1999, General Communication Inc., an Anchorage-based telephone and Internet company, built its own fiber cable to the Lower 48. AT&T also has a cable connecting Alaska to the Lower 48.
Court documents list WCI Cable's assets at $197 million and its debts at $267 million. By filing Chapter 11 bankruptcy, WCI owners retain control of the company while pursuing reorganization.
However, if WCI decides to sell its assets, GCI would be interested, said GCI spokesman David Morris.
Peninsula Clarion ©2013. All Rights Reserved.