Touch America seeks bankruptcy protection

HELENA - Touch America Holdings Inc., which suffered a string of financial setbacks and a massive loss in stock value since its conversion from the energy giant Montana Power Co., filed for federal bankruptcy protection in Delaware Thursday.

In a news release late Thursday evening, Chairman and CEO Bob Gannon said the company was seeking Chapter 11 bankruptcy protection ''based on the continuing uncertainty about our liquidity.''

''The board decided that seeking bankruptcy protection was the best option to deal with creditors, customers and employees,'' Gannon said.

The filing comes just on...