Eagle Files For Chapter 11 Bankruptcy
[11-28-07 – Satellite Today] Eagle Broadband has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas.
Eagle listed its assets as $2.8 million and its liabilities as $8.8 million. Eagle has said in a separate filing with the U.S. Securities and Exchange Commission that it intends to continue to operate as a debtor-in-possession business.
The company, a provider of broadband, IP and digital communications technology and services, reported revenues of $808,000 and posted a net loss of $7.3 million in the in the 2007 third quarter.
CEO David Micek, who resigned in July, has said that the market for IPTV services was not developing as expected.