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Strategies & Market Trends : Take the Money and Run

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To: Augustus Gloop who wrote (432)5/21/2002 12:13:37 PM
From: Alan Smithee  Read Replies (1) of 17639
 
Metromedia Fiber Files Chapter 11

Metromedia Fiber Network, Inc. announced that it and most of its domestic
subsidiaries have filed voluntary petitions for reorganization under Chapter
11 of the United States Bankruptcy Code with the U.S. Bankruptcy Court in
the Southern District of New York (White Plains), case number 02-22736. The
Company is represented by Kronish Lieb Weiner & Hellman, LLP. In conjunction
with the filing, MFN has reached an agreement with its senior secured
lenders which will enable the Company to fund its operations while it
implements its plan to become cash flow positive. MFN also announced that it
has hired Impala Partners to assist in the restructuring and UBS Warburg to
advise on strategic alternatives.
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