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North American Network Operators Group Date Prev | Date Next | Date Index | Thread Index | Author Index | Historical Re: XO Communication expects to file for bankruptcy
Re the current shareholders with nothing, i was under the impression that the employees there had already gotten the shaft, so this is not surprising. Bri On Fri, 22 Feb 2002, Joe Blanchard wrote: > FYI > > > > XO Communication expects to file for bankruptcy--report > > > > NEW YORK, Feb 21 (Reuters) - Voice and data services firm XO > > Communications > > Inc. (OTC BB:XOXO.OB - news) expects to file for Chapter 11 bankruptcy > > protection within the next two weeks, Business Week magazine reported on > > Thursday. > > > > XO, founded by wireless pioneer Craig McCaw, said on Nov. 29 that buyout > > firm Forstmann Little and Mexican telecommunications firm Telefonos de > > Mexico S.A. de C.V. planned to invest $400 million each in XO. > > > > But XO said the restructuring, if completed, would essentially leave > > current stockholders with nothing. > > > > Business Week reported that XO expects to file for bankruptcy protection > > in > > order to convince debtholders to agree to the restructuring plan. > > > > ``It could happen in days; it could be two weeks,'' a source close to XO > > told the magazine. > > > > XO was not immediately available for comment. > > >
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