The Spanish company that launched free, public wi-fi service in Chicago in May has filed for bankruptcy.
Gowex, based in Madrid, filed for bankruptcy Thursday over problems with its financial reports going back at least four years. Founder and former chief executive Janaro Garcia Martin has been charged in Spain with false accounting, distortion of financial information and inside trading, Reuters reports.
When its Chicago service launched May 23, the company said it had installed 450 hotspots in an area stretching from downtown Chicago north to Lake View. The ad-supported service was also set up in Miami, New York and San Francisco. Gowex’s goal was to offer free wi-fi in 600 major cities worldwide in the next five years.
Jenaro García Martín to face court over Gowex collapse (Financial Times)
Gowex bankruptcy filing leaves deals with cities in limbo (Wall Street Journal)