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...