Telecom customers should take notice that Broadview Networks Inc., a provider of business phone, Internet and data services, filed for chapter 11 bankruptcy last week. The bankruptcy of such a major player in the market (including Central PA) underscores the volatility of the telecom industry and the importance of regular service reviews to ensure stable, dependable service that is optimized for individual needs.
Through affiliates, Broadview Network Holdings serves 36,000 business customers in the U.S. The company reported total liabilities of $373.4 million, which exceeded total assets ($258.3 million) by $115.1 million. During the quarter ending on March 31, Broadview posted a $5.3 million net loss on revenue of $88.5 million. Annual revenue dipped to $378.2 million in 2011 from $407.7 million in 2010. Broadview has worked with creditors to implement a reorganization plan and is expected to move forward in a more stable financial condition. More info.