Re: Metromedia Fiber warns of possible bankruptcy :-(

[Richard A Steenbergen <ras () e-gerbil net>]

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...

-- 
Richard A Steenbergen <ras () e-gerbil net>       http://www.e-gerbil.net/ras
PGP Key ID: 0x138EA177  (67 29 D7 BC E8 18 3E DA  B2 46 B3 D8 14 36 FE B6)