Canada’s Mitel Enters Bankruptcy After ‘Up-Tier’ Lawsuit
- Mitel has support from majority of lenders for restructuring
- Firm’s ‘up-tier’ litigation set to end after settlement
Canada’s Mitel Networks has filed for bankruptcy in the US as the telecommunications firm continued to struggle after carrying out debt maneuvers about two years ago.
The firm filed for Chapter 11 bankruptcy in the Southern District Court of Texas, court documents show. It listed assets and liabilities of $1 billion to $10 billion each in its petition.