Whoever the buyer is, I hope it's not WorldCom!
Joe
On 3/18/02 10:23 AM, "Richard A Steenbergen" <[EMAIL PROTECTED]> 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...
