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Re: Metromedia Fiber warns of possible bankruptcy :-(
- From: joe mcguckin
- Date: Mon Mar 18 15:16:50 2002
Whoever the buyer is, I hope it's not WorldCom!
On 3/18/02 10:23 AM, "Richard A Steenbergen" <email@example.com> wrote:
> 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...