Metricom Inc., provider of the high-speed Ricochet wireless Internet service, Monday filed for reorganization under Chapter 11 bankruptcy protection, mere days after it laid off 23 percent of its staff.

Metricom Inc., provider of the high-speed Ricochet wireless Internet service, Monday filed for reorganization under Chapter 11 bankruptcy protection, mere days after it laid off 23 percent of its staff. "As a result of the depressed state of the capital markets, we have been unable to raise necessary additional capital," said Interim Chief Executive Officer Ralph C. Derrickson. "Consequently, management and the Board of Directors decided this action would be in the best interests of all of Metricom's stakeholders. Although there are certainly many challenges ahead, we believe that the prospects for our outstanding technology remain strong. We will continue to work hard to preserve the value inherent in our technology, while evaluating the options before us." The firm filed in the U.S. Bankruptcy Court in San Jose, Calif., and said it will seek to restructure its operations and debt obligations while maintaining operation of the Ricochet network and providing services and access to its resellers, channel partners and direct customers. The company retained the law firm of Murphy Sheneman Julian & Rogers. As part of the effort to reorganize the company, the board appointed Kevin I. Dowd to the newly created position of chief restructuring officer. Dowd, a principal of Nightingale & Associates LLC, is a corporate turnaround specialist who has served