[45838] in North American Network Operators' Group
Re: XO Communication expects to file for bankruptcy
daemon@ATHENA.MIT.EDU (Brian)
Fri Feb 22 17:59:19 2002
Date: Fri, 22 Feb 2002 14:58:26 -0800 (PST)
From: Brian <bri@sonicboom.org>
To: Joe Blanchard <jblanchard@wyse.com>
Cc: "'nanog@nanog.org'" <nanog@nanog.org>
In-Reply-To: <E9BBE0941932D511934C0002A52CDB4E0127F79C@sj-exchange.wyse.com>
Message-ID: <20020222145742.W9105-100000@mail.sonicboom.org>
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Errors-To: owner-nanog-outgoing@merit.edu
Re the current shareholders with nothing, i was under the impression that
the employees there had already gotten the shaft, so this is not
surprising.
Bri
On Fri, 22 Feb 2002, Joe Blanchard wrote:
> 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.
> >
>
