Crosswave Communications and its two Japanese units filed petitions for corporate-reorganization proceedings with the Tokyo District Court Thursday.

 

The three companies' combined debt totals ¥68.4 billion ($57.4 million), Teikoku Data Bank - a private Japanese credit-research organisation, told Dow Jones.

 

The data-communications carrier said its common shares and American depositary receipts representing such shares will most likely lose all value.