Cloud services provider Fusion filed for bankruptcy protection just over a year after completing a pair of mergers it touted as marking the beginning of a new era for the company.

The company, which operates a nationwide IP/MPLS network, listed $691.5 million in total debt in its Chapter 11 filing. It said it has entered  into an agreement with a group of lenders that hold more than 67% of its outstanding principal loans to cut its debt load by about $300 million, according to Bloomberg. The company plans to hold an auction during the bankruptcy proceeding in hopes of securing at least $300 million for its assets.

Fusion last year tapped into a $680 million loan facility to close a merger with Birch Communications and MegaPath Cloud that it claimed would increase revenue. Instead, the company missed revenue projections and effectively ran out of cash to pay its loans. It was also delisted from the Nasdaq in April for failing to file its annual report in a timely manner and neglecting to pay certain fees.

Fusion recently borrowed $20 million from some of its senior lenders and is now planning to refinance that capital and borrow another $39.5 million from the same group to fund the business through its bankruptcy proceedings.

“For the past couple of months, Fusion has been in constructive discussions with our lenders as we evaluated multiple options to improve the company’s financial structure and position the company for future growth,” said Matthew Rosen, chairman and CEO of Fusion, in a prepared statement. “We firmly believe that our voluntary [bankruptcy] filing is the most appropriate course of action to protect and enhance the value of our business while securing the best possible outcome for our stakeholders.”

Fusion intends to emerge from bankruptcy before the end of the year. Despite the challenges facing the company, executives are still putting a positive spin on Fusion’s outlook. “We are confident that we will emerge stronger than ever,” Rosen said.