Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Research In Motion TSE RIM Nasdaq RIMM -- Ignore unavailable to you. Want to Upgrade?

To: Susan G who wrote (851)	11/25/2001 6:02:37 PM
From: Boquacious	Respond to of 989

RIMM is REAMED. popsci.com

To: Susan G who wrote (851)	1/13/2002 9:51:41 PM
From: ms.smartest.person	Respond to of 989

Wireless-Data Company Motient Files for Chapter 11 Protection January 11, 2002 -------------------------------------------------------------------------------- Asia Main By BOB BRAINE Dow Jones Newswires Motient Corp., one of the two U.S. networks that supports Research in Motion Ltd.'s BlackBerry wireless e-mail product, filed for Chapter 11 protection. The company provides Internet and communications services through one of the country's largest two-way data networks. Motient, Reston, Va., said it made the filing to restructure $335 million in debt. It expects to continue uninterrupted service to its more than 250,000 subscribers. Motient's filing, in U.S. Bankruptcy Court in Alexandria, Va., lists assets of $238.2 million and debts of $494.7 million as of Dec. 4. The Nasdaq Stock Market halted trading on the company's stock at 1:28 p.m. EST. Motient stock last traded at 26 cents a share. Motient said it has reached a restructuring agreement with holders of a majority of its senior notes under which the notes will be converted to equity. Under the agreement, holders of common shares will get warrants with a nominal strike price to buy 5% of the company's new common stock. The warrants will be exercisable once the senior note holders have recovered 105% of the face amount of their investment. Restructuring under the company's proposal would eliminate more than $40 million in annual interest payments, the company said. The plan is subject to court approval and the company expects to emerge from bankruptcy in the spring. In October Motient said it would cut 25% of its staff and hire an adviser to help it restructure the notes. The company also failed to pay an interest coupon payment of $20.5 million due Oct. 1 on its 12.25% senior notes. Motient has hired the Vienna, Va., office of Andersen LLP to serve as its accountant, auditor and tax consultant, and the New York office of Credit Suisse First Boston Corp. to serve as its financial adviser. Write to Bob Braine at bob.braine@dowjones.com interactive.wsj.com