Rural wireless Internet provider Open Range Communications Inc., filed today in Delaware for Chapter 11 bankruptcy protection.
On Wednesday, the Greenwood Village-based company that provides service in 17 states laid off 122 employees, leaving a staff of 48, and chief executive Bill Beans resigned.
In court documents, Open Range said it sought bankruptcy after failing to retain a U.S. Department of Agriculture funding and bandwidth.
Open Range said it will either sell its network or shut down and liquidate. The company listed assets of about $114 million and liabilities of about $110 million. Open Range had an operating loss of $50.4 million last year on sales of $1.7 million.
The company’s largest unsecured creditors include Adesta LLC of Omaha, Neb., owed $7.57 million, and Velocitel Inc. of Cary, N.C., owed $5.59 million, both in trade debt. JPMorgan Chase’s One Equity Partners, based in New York, has a claim for $2.78 million in management fees.
