It's Official: AOL Latin America Declares Bankruptcy

Really no surprise. AOL Latin America, Inc. filed for bankruptcy in U.S. Bankruptcy Court for the District of Delaware under Chapter 11, which allows comapnies to reorganize. From here out all significant decisions will be made by the court via a trustee. Voluntary petitions also were filed for AOL Puerto Rico Management Services, Inc., America Online Caribbean Basin, Inc. and AOL Latin America Management LLC. AOL servioe will continue. WSJ (sub. req.): AOL LA listed assets of $28.5 million and debts of $181.8 million; AOL parent company Time Warner is the largest unsecured creditor at $160 million.

Related: AOL LatAm May Cease Operations

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