Log On America Inc., an Internet-service provider, filed for bankruptcy protection to eliminate $10 million in debt.
The company listed assets of $5.31 million and debts of $16 million in a Chapter 11 petition filed in U.S. Bankruptcy Court in Delaware.
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In a statement Monday, Log On America said EarthLink Inc. failed to pay certain fees under a subscription acquisition agreement. As a result, Log On America said it took back 17,000 dial-up customers representing about $5.5 million in annual revenue.
Promethean Asset Management LLC, owed $4.85 million for settlement of a shareholder dispute, is listed among the company’s largest unsecured creditors, court papers show.
Bloomberg News
