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ITC DeltaCom to miss interest payments on notes, convertibles
New York, May 14 - ITC DeltaCom, Inc. said it will not make the interest payments due May 15 on its 9¾% senior notes maturing in 2008 and its 4½% convertible subordinated notes due 2006 or the interest payment due June 1 on its 11% senior notes due 2007.
The interest payments have a 30-day grace period.
ITC DeltaCom said it is withholding the payments in order to conserve liquidity while it looks to restructure the notes.
The West Point, Ga. telecommunications company said it currently has $25 million of cash and equivalents.
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