Das wars dann wohl... eyron
WILMINGTON, Del. (Reuters) - Internet streaming communications provider iBEAM Broadcasting Corp (Nasdaq:IBEM - news) filed for bankruptcy on Thursday and agreed to sell its assets to broadband provider Williams Communications Group Inc (NYSE:WCG - news) for $25 million.
In papers filed in the U.S. Bankruptcy Court in Delaware, Sunnyvale, California-based iBEAM listed assets of $118.8 million and debts of $41.9 million as of June 30.
In June, Williams received a 49 percent stake in iBEAM's voting securities in exchange for $20 million in cash and $10 million in services.
Other major shareholders are Allen & Co Inc and Touch America Inc, each with 6.4 percent. Touch America is the telecommunication unit of Montana Power Co (NYSE:MTP - news) which agreed last month to sell its utility business to NorthWestern Corp (NYSE:NOR - news).
The Williams offer is subject to a bankruptcy court auction which requires that the debtor's assets be sold for the highest and best bid.
According to court papers, Williams has also agreed to provide iBEAM with $18 million of debtor-in-possession (DIP) financing secured by substantially all of iBEAM's assets. The DIP, which is subject to court approval, will be repaid by the proceeds from the asset sale, both companies said.
Claims of the 20 largest unsecured creditors, which range from $67,000 to $1.1 million are primarily for contract and trade debt.
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