Re: Metromedia Fiber warns of possible bankruptcy :-(

[joe mcguckin <joe () via net>]

Whoever the buyer is, I hope it's not WorldCom!

Joe

On 3/18/02 10:23 AM, "Richard A Steenbergen" <ras () 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...