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Tuesday, July 8, 2014
Phone Provider MIG Files Second Bankruptcy in Five Years
By Michael Bathon Jun 30, 2014 4:19 PM ET
MIG LLC, part-owner of the largest provider of mobile-phone services in the Republic of Georgia, sought bankruptcy protection for the second time in five years.
The company, also known as Metromedia International Group, listed debt of more than $100 million and assets of less than $100 million in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware.
MIG, based in Charlotte, North Carolina, previously sought bankruptcy in June 2009 in the same court. MIG will seek to sell its 46 percent stake in Magticom Ltd., which has about 2.4 million customers in Georgia, according to court papers.
MIG was forced to seek bankruptcy protection again when a dispute with the majority shareholder cut off dividend payments of about $18.4 million a year. . . .