Covad, Chapter 11 !

Wed Aug 8 14:45:15 UTC 2001

On Wed, 8 Aug 2001, Smith, Rick wrote:

> Just found this...
>
> http://www.internetweek.com/story/INW20010807S0008

As someone who has 14 DS3s into their network I think this is very good
news. Covad was crushed with $160 million a year payments on $1.3 billion
in debt. That now all gets converted into common stock (sucks for common
shareholders) and everything is reset. This lowers cash needed to break
even down to $200 million from $400 million.

-Nathan