Covad May Be Wired for Growth
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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