Motient Corp., while teetering on the edge of bankruptcy, has failed to handle the situation proactively. On Oct. 1, Motient missed the $20.5 million coupon on its $335 million tranche of 12.25% senior notes due April 2008. Yet the telecommunications service provider did not schedule a meeting with bondholders until the one being held this week. Motient’s bonds are trading in the mid-to-high teens.
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