[46145] in North American Network Operators' Group
Re: Metromedia Fiber warns of possible bankruptcy :-(
daemon@ATHENA.MIT.EDU (joe mcguckin)
Mon Mar 18 15:15:12 2002
Date: Mon, 18 Mar 2002 12:14:16 -0800
From: joe mcguckin <joe@via.net>
To: Richard A Steenbergen <ras@e-gerbil.net>,
"Rusty H. Hodge" <rusty@hodge.com>
Cc: <nanog@nanog.org>
Message-ID: <B8BB8A98.A91%joe@via.net>
In-Reply-To: <20020318182332.GI19704@overlord.e-gerbil.net>
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Whoever the buyer is, I hope it's not WorldCom!
Joe
On 3/18/02 10:23 AM, "Richard A Steenbergen" <ras@e-gerbil.net> 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...
