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Technology Stocks : iBeam Broadcasting Corporation - IBEM

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To: Hawkmoon who wrote (144)	10/11/2001 11:30:21 PM
From: Glenn Petersen	Read Replies (1) of 148

IBEAM files Ch. 11 bankruptcy, sells to Williams SUNNYVALE, Calif., Oct 11 (Reuters) - Internet streaming communications provider iBEAM Broadcasting Corp. <IBEMD.O> has filed for bankruptcy and signed a deal for broadband provider Williams Communications Group Inc.<WCG.N> to acquire nearly all its assets for $25 million, the companies said on Thursday. Both firms said in separate releases that Williams would provide a bridge loan to keep iBEAM operating, although the deal is subject to approval by the U.S. Bankruptcy Court. IBEAM filed for Chapter 11 bankruptcy protection at the court in Delaware. The loan will allow iBEAM to continue supporting customers, and Williams will take most outstanding contracts, the firms said. Williams had taken iBEAM convertible preferred stock representing about 49 percent of the company in a June 25 deal for $20 million in cash and $10 million in services, Williams said. 13:43 10-11-01

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