NEW YORK (CNN/Money) - Broadband service provider XO Communications Inc. said Monday it has filed for Chapter 11 bankruptcy protection.

XO said the filing, made in U.S. Bankruptcy Court in New York, is limited to the parent company and doesn't apply to its subsidiaries. The company said it doesn't expect any reductions in work force or facility closings as a result of the filing.

The company said it has more than $500 million available to fund operations through a restructuring. It is looking at two different restructuring alternatives, one involving a previously announced investment by Forstmann Little & Co. and Telefonos de Mexico S.A. de C.V., the other that would proceed without the investment.

But XO added that Forstmann and the Mexican telecom have said recently they believe the conditions of their investment agreement will not be met and have asked XO to consider terminating it.

The company's stand-alone reorganization plan calls for the conversion of $1 billion in loans to equity and $500 million of junior secured debt.

Shares of XO (XOXO: Research, Estimates) were unchanged at 4 cents Friday.