Posted at 12:54 p.m., Thursday, June 27, 2002
Hawai'i satellite ISP files for bankruptcy
Advertiser Staff
A year after Mitsubishi Corp. acquired majority ownership in USAsia Telecom LLC, the satellite-based high-speed Internet service provider in Hawai'i has filed for Chapter 11 bankruptcy.The Kailua-based company listed nearly $9 million in debts owed to its 20 largest creditors, of which Tokyo-based Mitsubishi was the largest with a $4 million claim. Assets were estimated in the $1 million to $10 million range.
USAsia, which said it had about 17 employees last year, runs the SkyTiger.net broadband service over a network of satellites. The company was founded in 1997, and had been profitable in 2000 with estimated revenue around $20 million, company officials said.
