[46143] in North American Network Operators' Group
Re: Metromedia Fiber warns of possible bankruptcy :-(
daemon@ATHENA.MIT.EDU (Richard A Steenbergen)
Mon Mar 18 13:23:53 2002
Date: Mon, 18 Mar 2002 13:23:32 -0500
From: Richard A Steenbergen <ras@e-gerbil.net>
To: "Rusty H. Hodge" <rusty@hodge.com>
Cc: nanog@nanog.org
Message-ID: <20020318182332.GI19704@overlord.e-gerbil.net>
Mime-Version: 1.0
Content-Type: text/plain; charset=us-ascii
Content-Disposition: inline
In-Reply-To: <200203181819.g2IIJSq09867@hip.soma.net>
Errors-To: owner-nanog-outgoing@merit.edu
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...
--
Richard A Steenbergen <ras@e-gerbil.net> http://www.e-gerbil.net/ras
PGP Key ID: 0x138EA177 (67 29 D7 BC E8 18 3E DA B2 46 B3 D8 14 36 FE B6)
