[40399] in North American Network Operators' Group
Re: Covad, Chapter 11 !
daemon@ATHENA.MIT.EDU (Wayne E. Bouchard)
Wed Aug 8 10:58:55 2001
Date: Wed, 8 Aug 2001 07:53:59 -0700
From: "Wayne E. Bouchard" <web@typo.org>
To: Nathan Stratton <nathan@robotics.net>
Cc: "'nanog@merit.edu'" <nanog@merit.edu>
Message-ID: <20010808075359.B42472@typo.org>
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In-Reply-To: <Pine.BSF.4.30.0108081033590.45687-100000@Andy.robotics.net>; from nathan@robotics.net on Wed, Aug 08, 2001 at 10:45:15AM -0400
Errors-To: owner-nanog-outgoing@merit.edu
And just in case anyone is curious, this is a potential scenario for
many struggling telco startups. (Bankruptcy to clear debt and
eliminate interest payments so there there is at least a CHANCE to
pull ahead.)
-Wayne
On Wed, Aug 08, 2001 at 10:45:15AM -0400, Nathan Stratton wrote:
>
> On Wed, 8 Aug 2001, Smith, Rick wrote:
>
> > Just found this...
> >
> > http://www.internetweek.com/story/INW20010807S0008
>
> As someone who has 14 DS3s into their network I think this is very good
> news. Covad was crushed with $160 million a year payments on $1.3 billion
> in debt. That now all gets converted into common stock (sucks for common
> shareholders) and everything is reset. This lowers cash needed to break
> even down to $200 million from $400 million.
>
> -Nathan
