Covad May Be Wired for Growth

The last of the big three independent DSL providers left standing now looks set to shrug off Chapter 11 and reach profitability

When Charlie Hoffman took the reins of DSL provider Covad (COVD ) in June, 2001, he knew he was in for a rough ride. The former CEO of Toronto-based Rogers Wireless Communications inherited a company with a crushing $1.4 billion in high-interest debt that was fast running out of cash and on the brink of being delisted from the Nasdaq. When Hoffman stepped in, Covad's stock price hovered in the $1.05 range, far off its 52-week peak of $13.75. And on Aug. 15, at Hoffman's insistence, Covad filed for Chapter 11.

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