Reuters News ArticleI thought this was interesting, and it’s definitely technology related. Wondering what will happen to the services listed at the end of this E-mail? fyi
From: [email protected] [mailto:[email protected]] Sent: Tuesday, March 04, 2014 12:50 PM Sorenson Communications files for bankruptcy Mon Mar 03 08:18:32 UTC 2014 March 3 (Reuters) - Sorenson Communications Inc filed for Chapter 11 bankruptcy protection late on Sunday, a court filing showed, as declining revenue and mounting debt forced the company to consider restructuring. Sorenson, which provides video relay services (VRS) for people with hearing loss, said in less than a year it would be obligated to pay about $1.28 billion. Video relay service allows people with hearing difficulties to use video telephones and similar technologies to communicate via a sign language interpreter. Due to regulatory changes, the debtors cannot pay or refinance the obligations based on its projected revenue and cash flow, the court filing showed. The Federal Communications Commission's (FCC) 2010 reduction in rates and increased minimum performance requirements for video conferencing services, made it infeasible to provide the service over the long term, the company said. Sorenson and its affiliates generate revenue almost exclusively from FCC compensations for its services, making them especially susceptible to FCC-imposed rate changes, according to the filing. The Salt Lake City, Utah-based company estimated assets of about $645 million and liabilities of about $1.4 billion, according to the filing. Sorenson listed Allied Communications Inc, CaptionCall LLC, SCI Holdings Inc, Sorenson Communications Holdings LLC, Sorenson Communications of Canada ULC and Sorenson Holdings Inc as affiliates. As on Jan. 1, the company and its affiliates had about 6,800 employees, the filing said. The company says it is the largest employer of American Sign Language (ASL) interpreters in the United States. The case is in re: Sorenson Communications Inc, Case No. 14-10454, U.S. Bankruptcy Court, District of Delaware. This service is not intended to encourage spam. The details provided by your colleague have been used for the sole purpose of facilitating this email communication and have not been retained by Thomson Reuters. Your personal details have not been added to any database or mailing list. If you would like to receive news articles delivered to your email address, please subscribe at www.reuters.com/newsmails © Copyright Thomson Reuters 2014 All rights reserved. Users may download and print extracts of content from this website for their own personal and non-commercial use only. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters and its logo are registered trademarks or trademarks of the Thomson Reuters group of companies around the world. Quotes and other data are provided for your personal information only, and are not intended for trading purposes. Thomson Reuters and its data providers shall not be liable for any errors or delays in the quotes or other data, or for any actions taken in reliance thereon.
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_______________________________________________ ATI (Adaptive Technology Inc.) A special interest affiliate of the Missouri Council of the Blind http://moblind.org/membership/affiliates/adaptive_technology
