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Re: Metromedia Fiber warns of possible bankruptcy :-(
- From: W.D. McKinney
- Date: Mon Mar 18 15:23:43 2002
My guess is C&W as they have been looking at consolidating some of these.
You Telco *with* money still.
joe mcguckin <firstname.lastname@example.org> wrote:
> 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...