Global Naps Inc. sought chapter 11 bankruptcy protection Tuesday, years after being placed into a receivership to satisfy a court loss to Verizon New England Inc., Dow Jones Daily Bankruptcy Review reported today. Bankruptcy court papers estimate assets of $10 million to $50 million and debts of $50 million to $100 million for the company, which was established as a competitive local exchange carrier. A federal appeals court ruling from last year involved a decade-plus of litigation between Global Naps and Verizon New England, which is listed in bankruptcy court papers as the top-ranking creditor, owed nearly $36 million.
