Agent Alliance Named To TNCI Creditor's Committee

The Boston-based TNCI filed for Chapter 11 bankruptcy protection on October 9th, and according to the filing obtained by Boston Business Journal, and owes more than $10 million to its largest creditors, including $5 million to Sprint Communications, $1.9 million to Qwest/CenturyLink, $1.66 million to AT&T, $1.2 million to Universal Service Administrative Co. of Atlanta; and $1 million to Verizon.

“The Agent Alliance has been named to the Creditor’s Committee and will be actively involved as the TNCI case progresses through the bankruptcy court,” said the Agent Alliance in a statement released Friday.

The Agent Alliance, though not among TNCI’s top creditors, has a large stake in the company’s financial health, since it struck a deal with the service provider in 2008 to create an equity program that gave partners a stake in the future sale of the company. A sale date had been tentatively set for 2011.

In the wake of the chapter 11 bankruptcy filing -- which allows a company to restructure its debt and reorganize under judicial supervision -- TNCI has reassured partners that commission payments would continue while the company reorganizes.