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Article: Digital Access Pulls the Plug.
- Article from:
- Multichannel News
- Article date:
- March 5, 2001
- Author:
CopyrightCOPYRIGHT 2001 Reed Business Information, Inc. (US). This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Tight capital markets claimed a casualty among cable over-builders last week as Digital Access Inc. shut down.
Company officials told 50 soon-to-he-severed employees and local franchising authorities that the company would shut its doors for good. Earlier, it had scaled back its plans to a single-market deployment of video, high-speed Internet and local-telephone service.
An inability to determine when the debt markets might provide additional funding made it impossible to keep going, said Digital Access CEO Joe Cece.
The would-be broadband service provider hoped to use $450 million in initial funding from the likes of Bachow & Associates, First ...