Ntelos Bankruptcy

By: Associated Press
By: Associated Press

Telephone company nTelos Incorporated has filed for bankruptcy protection Tuesday.

Officials of the Waynesboro-based company said the bankruptcy filing is part of a plan to restructure and reduce debt. They said their company has received $35 million in financing so it can continue operations while reorganizing.

Officials said the company continues negotiations with creditors to restructure its debt.

Ntelos provides telephone service in parts of Virginia, Ohio, Maryland, Pennsylvania and West Virginia.

Ntelos' shares were sharply lower Tuesday afternoon following the announcement, down 13 cents a share, or 64 percent, to seven cents a share.

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