North American Network Operators Group|
Date Prev | Date Next |
Date Index |
Thread Index |
Author Index |
Re: Metromedia Fiber warns of possible bankruptcy :-(
- From: Richard A Steenbergen
- Date: Mon Mar 18 13:25:17 2002
On Mon, Mar 18, 2002 at 10:19:30AM -0800, Rusty H. Hodge wrote:
> Metromedia said it is seeking to restructure its debts. As of Feb.
> 28, it had $3.3 billion of consolidated debt and about $37.3 million
> in cash. A restructuring could substantially dilute the value held by
> stockholders, the company said.
> To raise cash, Metromedia said it plans to sell the facilities of its
> Internet exchange, PAIX, for about $50 million cash and an equity
> interest in the buyer. A substantial part of the proceeds from the
> sale, expected to close in the second quarter, will be used to pay
> down debt, it said.
$50 mil down, $3.25 billion to go...
Richard A Steenbergen <firstname.lastname@example.org> http://www.e-gerbil.net/ras
PGP Key ID: 0x138EA177 (67 29 D7 BC E8 18 3E DA B2 46 B3 D8 14 36 FE B6)