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Strategies & Market Trends : Mu Gamma Lambda
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To: Jorj X Mckie who wrote (4763)8/24/2001 3:23:07 PM
From: Alan Smithee  Read Replies (1) of 10077
 
Covad Communications Group, Inc. announced that 55% of its bondholders have
signed lock-up agreements for the Company's pre-negotiated plan of
reorganization. Among other things, the plan calls for senior noteholders to
receive $283 million in cash as well as mandatorily convertible preferred
stock with an aggregate liquidation preference of $100 million, in exchange
for $1.4 billion in outstanding high yield debt. The Company further
announced that it anticipates emerging from Chapter 11 protection by January
2002.
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