Cedar Rapids based McLeod U-S-A has gone to court to try and get out from under its huge debt. The telecommunications company filed a chapter 11 bankruptcy petition in a Delaware court today. Company officials say the filing shouldn’t disrupt employees, customers or suppliers. The re-organization proposal drops the common stockholders share in the company from 30 to 17 percent. Trading of the company’s stock was halted with the filing. The stock last traded at 18 cents a share.
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