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Technology Stocks : e.spire Communications (ESPI)
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To: sbaughmn who wrote (467)2/12/2001 9:26:03 AM
From: Jim Muskett  Read Replies (1) of 471
 
ESPI collecting outstanding receivables:

HERNDON, Va.--(BUSINESS WIRE)--Feb. 12, 2001--e.spire(R)
Communications, Inc. (Nasdaq:ESPI.O) today announced that it has reached
agreements with several of its larger customers that have paid or will
soon pay a total of more than $20 million to cover past due
receivables previously not anticipated at this time.
"These are important and well-timed receipts for e.spire. With our
cash on hand, this money provides enough capital to meet our expenses
into the second half of March," said George F. Schmitt, e.spire
Chairman and Acting Chief Executive Officer. "It affords us more time
to continue our negotiations to restructure our bonds and obtain a new
credit facility, which I am cautiously optimistic we'll close soon."
"Although e.spire still relies on outside funding, it is
increasingly a smaller part of the financial picture," added Schmitt.
"e.spire announced recently that it would have approximately $334
million in revenues for 2000, up from $240 million in 1999. We also
expect the first quarter of 2001 to be record-breaking. These numbers
demonstrate that the company continues to grow its customer base with
the ultimate goal being to attain profitability in 2002 or early
2003."
e.spire continues to actively negotiate with a committee
representing approximately 70% of the unaffiliated bondholders in an
effort to reach a consensual restructuring of the company's debt.
Meetings with the bondholders have been constructive.
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