Deals
Fusion Files Bankruptcy 13 Months After Cloud Computing Mergers
- Company took on $680 million in debt to expand last year
- Fusion lenders to take company in exchange for forgiving loans
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Cloud computing provider Fusion Connect Inc. filed bankruptcy after a botched business plan and a pair of mergers piled on more debt than the company could repay.
Unless a court-supervised auction brings in a better deal, senior lenders owed about $574 million will take over the company under a proposal to slash debt by $300 million, Chief Financial Officer Keith Soldan said in court papers filed in federal court in Manhattan on Monday.