Reliance’s Flag Telecom, Associates File for Chapter 11 at Delaware Court

(Bloomberg) -- Reliance’s Flag Telecom units and other associates filed for Chapter 11 bankruptcy protection at Delaware court, according to a court filing.

• Estimated assets range from $1b to $10b while estimated liabilities at $1b to $10b
• A plan is being filed with the Chapter 11 petition
• Plan acceptances were solicited from some of the creditors before filing the petition

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