Metromedia Fiber warns of possible bankruptcy :-(

Mon Mar 18 20:28:36 UTC 2002

My guess is C&W as they have been looking at consolidating some of these. 
You Telco *with* money still.

/Dee

joe mcguckin <joe at 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 at 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...