DALLAS-WebLink Wireless Inc.’s long bankruptcy drama may finally be coming to a close.
The company announced the U.S. Bankruptcy Court for the Northern District Texas confirmed the company’s second amended plan of reorganization, and that it expects to emerge from the Chapter 11 process early in September.
WebLink, which filed for bankruptcy more than a year ago, has struggled through several possible deals during its stay in bankruptcy, including a buyout agreement with Sun Capital Acquisition Corp. as well as a proposed sale to rival Arch Wireless Inc. The company’s creditors finally settled on a stand-alone reorganization.
“We are pleased that our plan has been confirmed by the court,” said N. Ross Buckenham, WebLink’s president and chief executive officer.
Under the company’s plan, WebLink will emerge from bankruptcy with $40 million in debt.
