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VVDS – a company that provides wireless Internet in Owen County – is undergoing major changes this week. The VVDS board of directors asked Russell E. Preston to step down as president and named Doug Smith to take his place.
Smith said that Preston made poor business decisions and did not consult or advise the board about his actions; therefore, the board of directors has taken control of the company.
Yesterday was Smith’s first official day as president. He said VVDS has filed for Chapter 11 bankruptcy, and this will allow the company to restructure and regroup. He said they are looking for ways to lower their operating costs so they can continue to offer wireless services at current prices.
All services are up and running and customers should not have any interruption in service due to the bankruptcy.
Smith said the first priority is to fix the problem with their payroll. He said many employees, including himself, have not been paid.
He said they also plan to fix their telephone system so customers can reach the company easily.
A letter will be sent to all customers explaining the problems the company is facing and outlining the plan to get the company back on its feet.
“We want to protect our customers and our investors,” Smith said. “We need to regain our credibility.”