XO Communication expects to file for bankruptcy

Fri Feb 22 22:58:26 UTC 2002

Re the current shareholders with nothing, i was under the impression that
the employees there had already gotten the shaft, so this is not
surprising.

	Bri

On Fri, 22 Feb 2002, Joe Blanchard wrote:

> 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.
> >
>