Bankrupt messaging carrier Arch Wireless Inc. late Tuesday filed its reorganization plan in a Massachusetts federal bankruptcy court. The filing follows Arch's announcement last month that it would seek Chapter 11 bankruptcy protection from its roughly 35,000 creditors.

According to a statement, Arch Wireless Inc. plans to issue new common stock. Meanwhile its operating company, Arch Wireless Holdings Inc., aims to issue $200 million principal amount of 10 percent senior secured notes due in 2007 and $100 million principal amount of 12 percent senior subordinated secured payment in kind notes due in 2009, which is a new issue of Arch's long-term debt. The combined moves would release Arch from all its debt obligations, estimated to be about $2 billion.

Previous Stories:
Cooking Up Some Long-Term Survival 12/31/01
Arch Wireless Files For Chapter 11 12/6/01