Times up for alert.
http://alertcellular.com/
Alert Cellular LLC, an authorized retailer for Verizon Wireless and T-Mobile, has filed for Chapter 11 protection in the U.S. Bankruptcy Court in Santa Barbara, Calif. The seller of cell phones and related accessories listed assets and debts each in the range of $1 million to $100 million in its bankruptcy petition, filed Tuesday.
Unsecured creditors are expected to receive some recovery for their claims, according to the filing. JP Morgan Chase was listed as Alert Cellular's largest unsecured creditor, holding a $2.76 million claim because of a loan it provided the company.
Among other unsecured creditors holding the largest claims against the company are Reliance Communications, $113,678 trade claim; Global Warranty Group, $89,195 trade claim; and Brightstar, $78,797 trade claim.
The law firm Pachulski, Stang, Ziehl, Young, Jones & Weintraub LLP is representing the company in the Chapter 11 case, which is No. 07-10918. The docket doesn't indicate which judge will be presiding over the bankruptcy proceedings.
Alert Cellular, of Carpinteria, Calif., is privately held by Chief Executive David Eseke Jr. and his wife, Heidi.
The company, founded in 1995, operates over 130 retail locations in 11 western U.S. states and employs over 700 people. According to its Web site, Alert Cellular is one of the largest retailers in the western U.S. for Verizon Wireless, a joint venture of Verizon Communications and Britain's Vodafone Group PLC.
http://www.forbes.com/feeds/ap/2007/...ap3886381.html