Network builder and telecom services provider Velocita filed for Chapter 11 bankruptcy late last week.
Velocita, in Falls Church, Va., has been building a nationwide OC-192 network, much of which is complete. The company's primary business has been selling services to other service providers, although the company did also have some enterprise offerings, including a VPN service.
In addition to building its own network, Velocita has been working on AT&T's next-generation network.
Cisco was a major backer of Velocita, having purchased $200 million in Velocita stock in May 2001 and providing up to $285 million in vendor financing.
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