Mar, 2002 : Yipes Files Chapter 11 In The U.S. Bankruptcy Court

📅 March 25, 2002 - Yipes Communications, Inc., a scalable Ethernet services provider, today announced that it is has filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court in San Francisco, California. Looking to restructure the business, Yipes (yipes.com) anticipates that it will be able to continue its business operations uninterrupted during the reorganization. The company has made arrangements for debtor-in-possession financing.

?This proposed restructuring is unavoidable given the unprecedented pessimism affecting providers of capital to the telecom market,? said Jerry Parrick, Yipes CEO.
?Although our pioneering technology has proven its merits and customer demand for Yipes services is exceptionally strong, the ?perfect storm? now battering the telecom industry has pummeled even the mighty, and we are no exception.?
Facing a cash squeeze in meeting fixed obligations such as fiber infrastructure and real estate, Yipes intends to restructure obligations to reflect current market values.
?Underneath many a balance sheet problem is a fundamentally healthy business model,? said Erik Suppiger, Senior Networking Analyst at Pacific Growth Equities, Inc. ?Chapter 11 restructuring is a particularly effective vehicle for preserving a company's real potential in a capital constrained market environment. As Yipes lowers its cost structure, it will be in a better position to achieve success with its innovative technology.?

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