[45834] in North American Network Operators' Group
XO Communication expects to file for bankruptcy
daemon@ATHENA.MIT.EDU (Joe Blanchard)
Fri Feb 22 15:06:04 2002
Message-ID: <E9BBE0941932D511934C0002A52CDB4E0127F79C@sj-exchange.wyse.com>
From: Joe Blanchard <jblanchard@wyse.com>
To: "'nanog@nanog.org'" <nanog@nanog.org>
Date: Fri, 22 Feb 2002 11:59:27 -0800
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FYI
> 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
> Thursday.
>
> 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.
>
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<P><FONT COLOR="#0000FF" SIZE=2 FACE="Arial">FYI</FONT>
</P>
<BR>
<P><FONT SIZE=2 FACE="Arial">XO Communication expects to file for bankruptcy--report</FONT>
</P>
<P><FONT SIZE=2 FACE="Arial">NEW YORK, Feb 21 (Reuters) - Voice and data services firm XO Communications </FONT>
<BR><FONT SIZE=2 FACE="Arial">Inc. (OTC BB:XOXO.OB - news) expects to file for Chapter 11 bankruptcy </FONT>
<BR><FONT SIZE=2 FACE="Arial">protection within the next two weeks, Business Week magazine reported on </FONT>
<BR><FONT SIZE=2 FACE="Arial">Thursday.</FONT>
</P>
<P><FONT SIZE=2 FACE="Arial">XO, founded by wireless pioneer Craig McCaw, said on Nov. 29 that buyout </FONT>
<BR><FONT SIZE=2 FACE="Arial">firm Forstmann Little and Mexican telecommunications firm Telefonos de </FONT>
<BR><FONT SIZE=2 FACE="Arial">Mexico S.A. de C.V. planned to invest $400 million each in XO.</FONT>
</P>
<P><FONT SIZE=2 FACE="Arial">But XO said the restructuring, if completed, would essentially leave </FONT>
<BR><FONT SIZE=2 FACE="Arial">current stockholders with nothing.</FONT>
</P>
<P><FONT SIZE=2 FACE="Arial">Business Week reported that XO expects to file for bankruptcy protection in </FONT>
<BR><FONT SIZE=2 FACE="Arial">order to convince debtholders to agree to the restructuring plan.</FONT>
</P>
<P><FONT SIZE=2 FACE="Arial">``It could happen in days; it could be two weeks,'' a source close to XO </FONT>
<BR><FONT SIZE=2 FACE="Arial">told the magazine.</FONT>
</P>
<P><FONT SIZE=2 FACE="Arial">XO was not immediately available for comment. </FONT>
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