On September 23, 2002, Communications Dynamics, Inc. (CDI) and certain of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code to restructure its debt and operations. The filing will enable TVC Communications, along with its operating subsidiaries, to focus on operating its business and serving its customers while it develops a plan of reorganization to provide a suitable capital structure for long-term growth.
The Company believes its cash position augmented by the revenue it will continue to generate will be more than adequate to fund on going operations during the restructuring process.
Daily operations of all subsidiaries will continue uninterrupted, and those businesses will proceed with substantially more liquidity than has been available in recent months. Employees will continue to be paid and vendors will be paid for post-petition purchases for goods and services in the ordinary course.
The Chapter 11 petitions were filed in the United States Bankruptcy Court for the District of Delaware in Wilmington. The case number is 02-12573.
TVC Communications Files Bankruptcy
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