{"id":26555,"date":"2014-03-04T20:40:15","date_gmt":"2014-03-05T02:40:15","guid":{"rendered":"http:\/\/deafnetwork.com\/wordpress\/?p=26555"},"modified":"2014-03-04T20:40:15","modified_gmt":"2014-03-05T02:40:15","slug":"sorenson-communications-files-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/deafnetwork.com\/wordpress\/blog\/2014\/03\/04\/sorenson-communications-files-for-bankruptcy\/","title":{"rendered":"Sorenson Communications files for bankruptcy"},"content":{"rendered":"

Sorenson Communications files for bankruptcy<\/strong><\/p>\n

March 3, 2014<\/p>\n

(Reuters) – Sorenson Communications Inc<\/span> filed for Chapter 11 bankruptcy protection late on Sunday, a court filing showed, as declining revenue and mounting debt forced the company to consider restructuring.<\/p>\n

Sorenson, which provides video relay services (VRS) for people with hearing loss, said in less than a year it would be obligated to pay about $1.28 billion.<\/p>\n

Video relay service allows people with hearing difficulties to use video telephones and similar technologies to communicate via a sign language interpreter.<\/p>\n

Due to regulatory changes, the debtors cannot pay or refinance the obligations based on its projected revenue and cash flow, the court filing showed.<\/p>\n

The Federal Communications Commission’s (FCC) 2010 reduction in rates and increased minimum performance requirements for video conferencing services, made it infeasible to provide the service over the long term, the company said.<\/p>\n

Sorenson and its affiliates generate revenue almost exclusively from FCC compensations for its services, making them especially susceptible to FCC-imposed rate changes, according to the filing.<\/p>\n

The Salt Lake City, Utah-based company estimated assets of about $645 million and liabilities of about $1.4 billion, according to the filing.<\/p>\n

Sorenson listed Allied Communications, Inc, CaptionCall<\/span> LLC, SCI Holdings Inc, Sorenson Communications Holdings LLC<\/span>, Sorenson Communications of Canada ULC and Sorenson Holdings Inc as affiliates.<\/p>\n

As on<\/span> January. 1, the company and its affiliates had about 6,800 employees, the filing said. The company says it is the largest employer of American Sign Language (ASL) interpreters in the United States.<\/p>\n

The case is in re: Sorenson Communications, Inc, Case No. 14-10454, U.S. Bankruptcy Court, District of Delaware.<\/p>\n

SOURCE:<\/p>\n

http:\/\/www.reuters.com\/article\/2014\/03\/03\/sorensoncommunications-bankruptcy-idUSL3N0M02BD20140303<\/a><\/p>\n

SOURCE #2:<\/p>\n

http:\/\/www.abladvisor.com\/news\/4147\/sorenson-communications-files-chapter-11-seeks-quick-exit<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Sorenson Communications files for bankruptcy March 3, 2014 (Reuters) – Sorenson Communications Inc filed for Chapter 11 bankruptcy protection late on Sunday, a court filing showed, as declining revenue and mounting debt forced the company to consider restructuring. Sorenson, which…<\/p>\n

Read more 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RELEASE: Sorenson Communications Reaches Agreement on Comprehensive Debt Restructuring","author":"Grant Laird Jr","date":"March 4, 2014","format":false,"excerpt":"March 3, 2014 Sorenson Communications Reaches Agreement on Comprehensive Debt Restructuring No impact to Service or Operations Company Seeks Expedited Exit from Pre-Packaged Chapter 11 SALT LAKE CITY\u2013 March 3, 2014 \u2013 Today, Sorenson Communications, Inc. announced it has reached an agreement with a substantial majority of its owners and\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/deafnetwork.com\/wordpress\/blog\/category\/deaf-news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9580,"url":"https:\/\/deafnetwork.com\/wordpress\/blog\/2010\/03\/08\/new-video-contest-announced-by-sorenson-communications\/","url_meta":{"origin":26555,"position":1},"title":"New Video Contest Announced by Sorenson Communications","author":"Grant Laird Jr","date":"March 8, 2010","format":false,"excerpt":"March 02, 2010 New Video Contest Announced by Sorenson Communications SALT LAKE CITY--(BUSINESS WIRE)--Sorenson Communications\u00ae, the leading provider of Video Relay Service (VRS) for deaf and hard-of-hearing individuals who use sign language to communicate, today announced its sponsorship of the first-ever \u201cExpress Yourself\u201d Video Contest. \u201cSorenson recognizes the power of\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/deafnetwork.com\/wordpress\/blog\/category\/deaf-news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9815,"url":"https:\/\/deafnetwork.com\/wordpress\/blog\/2010\/03\/23\/sorenson-video-center-app-now-available-on-iphone-at-apple-store\/","url_meta":{"origin":26555,"position":2},"title":"Sorenson Video Center App Now Available on Iphone at Apple Store","author":"Grant Laird Jr","date":"March 23, 2010","format":false,"excerpt":"For release: March 11, 2010 Sorenson Video Center App Now Available on App Store SALT LAKE CITY (March 11, 2010)\u2014Sorenson Communications, the leading provider of Video Relay Service (VRS) for deaf and hard-of-hearing individuals who use sign language to communicate, today announced its Video Center App is now available on\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/deafnetwork.com\/wordpress\/blog\/category\/deaf-news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":784,"url":"https:\/\/deafnetwork.com\/wordpress\/blog\/2006\/11\/17\/sorenson-communications-details-looming-vrs-interpreter-shortage-in-fcc-comments\/","url_meta":{"origin":26555,"position":3},"title":"Sorenson Communications Details Looming VRS Interpreter Shortage in FCC Comments","author":"Grant Laird Jr","date":"November 17, 2006","format":false,"excerpt":"Sorenson Communications Details Looming VRS Interpreter Shortage in FCC Comments Sorenson Communications Advocates \u201cPrice Cap\u201d Approach to Train More Interpreters SALT LAKE CITY--(BUSINESS WIRE)--Today, in reply comments filed with the Federal Communications Commission (FCC), Sorenson Communications\u2122, the nation's leading provider of video relay services (VRS) and equipment for the deaf\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/deafnetwork.com\/wordpress\/blog\/category\/deaf-news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9724,"url":"https:\/\/deafnetwork.com\/wordpress\/blog\/2010\/03\/15\/updated-new-video-contest-announced-by-sorensonvrs\/","url_meta":{"origin":26555,"position":4},"title":"UPDATED: New Video Contest Announced by SorensonVRS","author":"Grant Laird Jr","date":"March 15, 2010","format":false,"excerpt":"New Video Contest Announced by Sorenson Communications Monday, March 8, 2010 By Deaf Network March 02, 2010 New Video Contest Announced by Sorenson Communications SALT LAKE CITY\u2013(BUSINESS WIRE)\u2013Sorenson Communications\u00ae, the leading provider of Video Relay Service (VRS) for deaf and hard-of-hearing individuals who use sign language to communicate, today announced\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/deafnetwork.com\/wordpress\/blog\/category\/deaf-news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1491,"url":"https:\/\/deafnetwork.com\/wordpress\/blog\/2007\/04\/11\/gallaudet-announces-million-dollar-donations-at-groundbreaking-ceremony\/","url_meta":{"origin":26555,"position":5},"title":"Gallaudet announces million-dollar donations at groundbreaking ceremony","author":"Grant Laird Jr","date":"April 11, 2007","format":false,"excerpt":"Gallaudet announces million-dollar donations at groundbreaking ceremony (WASHINGTON) At the recent groundbreaking for the James Lee Sorenson Language and 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