Excel Communications, Inc. was a multi-level marketing (MLM) telecommunications company that was, at one point, America's fifth largest long-distance carrier after AT&T, MCI, Sprint, and Worldcom.
On May 10, 1996, Excel became the youngest company to join the New York Stock Exchange (NYSE), trading under the symbol (ECI).
On November 1, 2004, VarTec Communications (the parent corporation of Excel) unexpectedly filed for Chapter 11 bankruptcy protection.
This allowed it to continue to receive revenue from its large base of installed customers, without paying eternal commissions to the franchisees.
Although the change created cash enabling it to pay creditors, it was seen as shortsighted by the franchisee association, because it removed the primary source of sales and customer loyalty.