Posted: Jan 12, 2012 5:31 PM by Trovette Tottress
DENVER (AP) - A telecommunications company that received a $267 million federal loan has auctioned its assets following its bankruptcy filing in October. Open Range Communications Inc.'s assets included equipment on towers in 160 U.S. cities in 12 states, office equipment, modems
and tools. The Denver Post reports the auction was handled by Heritage Global Partners, which hasn't disclosed how much the auction Wednesday raised. Greenwood Village-based Open Range in court filings blames its financial problems partly on "sporadic" funding from the loan granted in 2009 by the U.S. Department of Agriculture's Rural Utility Service. In bankruptcy documents, the company lists $114 million in assets and $110 million in debts that include $73.5 million owed on
the federal loan. A U.S. House committee is investigating the granting of the loan.