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Technology Stocks : Genuity, Inc. (GENU)
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To: Nick who started this subject11/12/2002 9:52:59 AM
From: Ms. Baby Boomer  Read Replies (1) of 456
 
UPDATE 1-Genuity gets 10-day extension in debt talks

Monday November 11, 3:48 pm ET
Reuters

WOBURN, Mass., Nov 11 (Reuters) - Struggling high-speed communications provider Genuity Inc. (NasdaqNM:GENU - News) on Monday said it had received a 10-day extension from its lenders while it continues to renegotiate its debt.

As part of the extension, the company agreed to make an $8.3 million payment to the banks and it has repaid about $208 million of its outstanding debt. Genuity has a $2 billion credit line from a group of banks as well as a $1.15 billion loan from Verizon Communications. (NYSE:VZ - News)

"We will continue to use these extensions as an opportunity to reach an agreement that is mutually acceptable to all parties," Paul Gudonis, Genuity chairman and chief executive, said in a statement.

The debt talks have already been extended several times.

Verizon, which was forced to spin off Genuity as a condition of the merger of Bell Atlantic Corp. and GTE Corp. to create Verizon, said in July that it would give up its option to acquire a controlling interest in Genuity.

Verizon owns just under a 10 percent voting and economic interest in Genuity.

Genuity also said that the company plans to issue its earnings report on Thursday when it files its quarterly report with the Securities and Exchange Commission.

Shares of Genuity were up 2 cents to 34 cents in late afternoon trading on Nasdaq. It's 52-week high and low of $40 and 22 cents, respectively.

biz.yahoo.com
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