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Minnesota Broadband Company To Bid On Wireless Company

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(credit: CBS)

(credit: CBS)

GREENWOOD VILLAGE, Colo. (AP) — A Minnesota broadband provider has agreed to submit an opening cash bid of $2 million for the assets of Open Range Communications.

The bankrupt Colorado high-speed-wireless-network operator selected TotheHome.com as the initial bidder.

According to the Denver Post, Open Range would have to pay a breakup fee of $80,000 and reimburse expenses of up to $170,000 if it accepts a bid from another company.

According to bankruptcy documents, the company lists $114 million in assets and $110 million in debts.

Bids are due Nov. 11 and an auction is scheduled Nov. 14.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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