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XO Communication expects to file for bankruptcy
- From: Joe Blanchard
- Date: Fri Feb 22 15:08:20 2002
Title: XO Communication expects to file for bankruptcy
XO Communication expects to file for bankruptcy--report
NEW YORK, Feb 21 (Reuters) - Voice and data services firm XO Communications
Inc. (OTC BB:XOXO.OB - news) expects to file for Chapter 11 bankruptcy
protection within the next two weeks, Business Week magazine reported on
XO, founded by wireless pioneer Craig McCaw, said on Nov. 29 that buyout
firm Forstmann Little and Mexican telecommunications firm Telefonos de
Mexico S.A. de C.V. planned to invest $400 million each in XO.
But XO said the restructuring, if completed, would essentially leave
current stockholders with nothing.
Business Week reported that XO expects to file for bankruptcy protection in
order to convince debtholders to agree to the restructuring plan.
``It could happen in days; it could be two weeks,'' a source close to XO
told the magazine.
XO was not immediately available for comment.