Covad Plans to File for Chapter 11 Bankruptcy

Baldwin Louie — Wed, 15 Aug 2001 18:00:00 -0400

SANTA CLARA, Aug 15 (Reuters) - High-speed Internet access
provider Covad Communications Group Inc. <COVD.OB> said it
planned to file for bankruptcy protection on Wednesday, after a
company spokesman said the company had inadvertently published
a press release that said it had done so already.

On Aug. 7, Covad said it expected to file for bankruptcy
protection by mid-August and was in talks with bondholders to
eliminate its $1.4 billion debt load.

Covad has been the last big independent digital subscriber
line provider still above water, after bankruptcy filings
earlier by Englewood, Colorado-based Rhythms NetConnections
Inc. <RTHMQ.OB> and NorthPoint Communications Corp.

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Covad Plans to File for Chapter 11 Bankruptcy