ExciteAtHome Corp. filed Friday for Chapter 11 bankruptcy protection. The company has also agreed to sell its broadband Internet access business to its controlling shareholder, AT&T Corp. for $307 million, a fraction of where it was once valued.
The high-speed Internet access business delivers service over cable lines to more than 3.6 million customers worldwide.
The company, which filed for protection in the U.S. Bankruptcy Court in the Northern District of California in San Francisco, had $150 million in cash and $1.1 billion in debt, according to news reports.
AT&T said that it plans to hire a substantial number of ExciteAtHome
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