Covad Communications

Representation of Covad Communications in its chapter 11 case in the District of Delaware. The firm developed and negotiated a prenegotiated chapter 11 restructuring for this publicly traded company, the nation’s largest independent provider of high-speed, dedicated service-line internet access. The case involved approximately $1.4 billion in bond indebtedness, securities fraud claims exceeding $2 billion, and $120 million in new financing. Covad confirmed its plan of reorganization within four months of the chapter 11 filing, and existing equity holders retaining an approximate 85% ownership interest in the restructured company.