Metromedia Fiber warns of possible bankruptcy :-(

Tue Mar 19 21:58:46 UTC 2002

Since they are defaulting on a $975B note to Verizon, and since they have
been saying Verizon does lease dark fiber from them, it would be the easiest
thing in the world for Verizon to take control of MFNX.

The real question is will they merge it with Genuity?

Deepak Jain
AiNET

-----Original Message-----
From: owner-nanog at merit.edu [mailto:owner-nanog at merit.edu]On Behalf Of
W.D. McKinney
Sent: Monday, March 18, 2002 3:29 PM
To: nanog at nanog.org
Subject: Re[2]: Metromedia Fiber warns of possible bankruptcy :-(

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...