North American Network Operators Group

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Re: Covad, Chapter 11 !

  • From: Nathan Stratton
  • Date: Wed Aug 08 10:49:47 2001

On Wed, 8 Aug 2001, Smith, Rick wrote:

> Just found this...

As someone who has 14 DS3s into their network I think this is very good
news. Covad was crushed with $160 million a year payments on $1.3 billion
in debt. That now all gets converted into common stock (sucks for common
shareholders) and everything is reset. This lowers cash needed to break
even down to $200 million from $400 million.