CARY,SpectraSite Holdings, Inc. said Wednesday morning that it was preparing a Chapter 11 bankruptcy plan that would erase $2 billion in debt and wipe out annual interest expenses of $200 million.

The operating company for SpectraSite communications, one of the nation’s largest wireless tower operators, announced that it had reached agreement with “approximately” 66 percent of its senior note holders on a reorganization plan. SpectraSite said the plan would be terminated if not filed by Nov. 15.

Trading in SpectraSite (Nasdaq: SITE) was heavy with more than 30 million shares being traded. The price also dropped substantially, some 7 cents, to close at 15 cents.

Under the deal, the senior note holders would get 100 percent of the reorganized company’s new common stock minus warrants for up to five percent of the new stock to be issued to current company management.

But the deal is far from finished. The company said in a statement that completion of the plan was “subject to the completion of certain transactions with either Cingular or SBC on terms that are approved by the senior note holders.” SpectraSite did not disclose what those transactions might be.

SpectraSite also said a new board of directors would be named and would include four new members. The only holdover would be Steve Clark, SpectraSite’s founder and chief executive officer.

“We are committed to completing this reorganization plan as quickly and as smoothly as possible,” Clark said in a statement. “The plan enables SpectraSite to significantly strengthen its balance sheet and insures that the company will continue to be a provider of collocation properties for the wireless carriers over the long term.”

SpectraSite missed a $200 million interest payment on Sept. 15.