XO Communication expects to file for bankruptcy

Fri Feb 22 19:59:27 UTC 2002

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. 
> 
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.nanog.org/pipermail/nanog/attachments/20020222/a5fb089b/attachment.html>