[46146] in North American Network Operators' Group
Re[2]: Metromedia Fiber warns of possible bankruptcy :-(
daemon@ATHENA.MIT.EDU (W.D. McKinney)
Mon Mar 18 15:21:57 2002
From: "W.D. McKinney" <deem@wdm.com>
Message-Id: <200203182028.g2IKSas06391@papason.wdm.com>
Date: Mon, 18 Mar 2002 11:28:36 -0900 (AKST)
To: nanog@nanog.org
In-Reply-To: <B8BB8A98.A91%joe@via.net>
MIME-Version: 1.0
Content-Type: text/plain
Errors-To: owner-nanog-outgoing@merit.edu
My guess is C&W as they have been looking at consolidating some of these.
You Telco *with* money still.
/Dee
joe mcguckin <joe@via.net> wrote:
>
>
>
> 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...
