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North American Network Operators Group Date Prev | Date Next | Date Index | Thread Index | Author Index | Historical RE: Re[4]: Metromedia Fiber warns of possible bankruptcy :-(
On Tue, 19 Mar 2002 16:58:46 -0500 Deepak Jain <[email protected]> wrote: > 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? 1) $975B seems a tad large 2) it was my understanding that Genuity was spun off when GTE merged with BA, a requirement imposed by the regulators. richard ---- 1) Agreed, s/B/M 2) I believe Genuity is vastly still owned by Verizon, even though it is publicly owned. I don't remember whether they actually maintained a majority or maintained warrants to buy the majority of the shares, but the idea is the same. Both Genuity and MFNX have lots of debt held by Verizon, and this is plenty of leverage when one needs to renegotiate their debt covenants. Deepak Jain AiNET
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