STOCKTON, Calif., Dec. 3 /PRNewswire-FirstCall/ -- Pac-West Telecomm, Inc. (Pink Sheets: PACW) ("Pac-West"), a wholesale provider of advanced telecommunications services, announced that its Final Modified Second Amended Joint Plan of Reorganization (the "Plan"), which was confirmed by the United States Bankruptcy Court for the District of Delaware on November 19, 2007, became effective at the close of business on Friday, November 30, 2007.
Under the Plan, all of Pac-West's then issued and outstanding common stock was extinguished without consideration. In addition, all of the then issued and outstanding senior notes and senior priority notes of Pac-West were cancelled and discharged pursuant to the Plan, and the holders of such notes received their pro rata beneficial interests in a liquidating trust established for the benefit of the holders of all unsecured claims.
Pac-West is now a wholly-owned subsidiary of the Plan's sponsor, an affiliate of Vancouver, Washington-based Columbia Ventures Corporation (CVC), with an improved balance sheet, new financing, and improved operations.
Also on November 30, 2007, Chairman of the Board Wallace W. Griffin, who served as Chief Executive Officer since Pac-West sought Chapter 11 protection on April 30, 2007, stepped down from his Chairman and CEO positions. James F. Hensel of CVC took over as interim President, and Mr. Griffin will remain a consultant to the company for a six month period.
Further information will be announced as it becomes available. About Pac-West
Pac-West is a provider of advanced communications services that enable traditional and next-generation providers, carriers, and service providers to efficiently design, deploy, and deliver integrated communication solutions. Founded in 1980, Pac-West Telecomm, Inc. has been offering communication services to its customers since 1982 and has been a leading provider of wholesale services to Internet Service Providers. For more information about Pac-West, visit http://www.pacwest.com/.
