OTT Otelco - Income Deposit Securities (MM)

"UPDATE: Otelco Files for Chapter 11 Bankruptcy With Restructuring Plan," published Monday at 12:53 p.m. EDT, mischaracterized Otelco Inc.'s restructuring plan in the first, second and fifth paragraphs. Under the plan, Otelco's subordinated noteholders will share the reorganized company's new class A common stock for a 92.5% voting interest, while the company's senior lenders, owed $162 million, have agreed to issue Otelco a new $142 million loan and accept a $20 million cash payment and 7.5% of the company's new class B common stock.

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