Short Take: Zyan seeks Chapter 11 bankruptcy

Zyan Communications, a broadband Internet company, has filed for Chapter 11 bankruptcy protections after the company failed to meet its debt obligations. Under Chapter 11, a company continues to operate while drawing up a restructuring plan. Zyan also laid off 160 of 230 employees, or more than two-thirds of its workforce. Zyan, which has 17,000 business customers, also is seeking a potential sale of its assets.