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Strategies & Market Trends : Bosco & Crossy's stock picks,talk area

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To: Crossy who wrote (3248)	1/16/2003 4:47:27 PM
From: ms.smartest.person	Read Replies (1) of 37387

Crossy, any comments on - XO Communications exits bankruptcy, Icahn controls Thursday January 16, 3:29 pm ET RESTON, Va., Jan 16 (Reuters) - XO Communications Inc.(OTC BB:XOXOQ.OB - News), a regional telecommunications provider, said on Thursday it exited Chapter 11 bankruptcy, having reduced its long-term debt load to $500 million from $5.1 billion. Under a reorganization plan okayed last November by the U.S. Bankruptcy Court in Manhattan, financier Carl Icahn holds more than 80 percent of the reorganized XO's equity. Icahn has also become XO's chairman, the company said. XO, based in Reston, Virginia, racked up billions of dollars in debt to build a high- end data and phone line infrastructure, but like many so-called emerging telecoms found insufficient customer demand to justify its expenses. It sought bankruptcy protection last June. The company said it ended September with about $554 million of cash and cash equivalents. biz.yahoo.com

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