Wave2Wave Communications Inc. (WAV), a provider of voice and data services to businesses, filed for bankruptcy, saying access provider Verizon Communications Inc. (VZ) threatened to cut off its service.
The Hackensack, New Jersey-based company listed assets and debt of as much as $100 million each in Chapter 11 papers filed today in U.S. Bankruptcy Court in Newark, New Jersey.
“In light of the company’s current financial condition and the threat of Verizon entities to terminate service,” bankruptcy is in the company’s best interest, Chairman Steven Asman said in the filing.
Affiliates RNK Inc. and RNK VA LLC also filed petitions. Wave2Wave was founded in 1999, the company said in November.
The case is In re Wave2Wave Communications Inc., 12- bk-13896, U.S. Bankruptcy Court, District of New Jersey (Newark).