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MFN`s Disclosure Statement Receives Court Approval and Committee Support; McCaw Purchases Significant Claims and Commits to Rights Offering via COMTEX July 17, 2003 NEW YORK, Jul 17, 2003 /PRNewswire-FirstCall via COMTEX/ -- Metromedia Fiber Network, Inc. announced today that its disclosure statement received approval of the United States bankruptcy court for the Southern District of New York, clearing the way for a vote on MFN`s proposed plan of reorganization. The Company`s Creditors`Committee, including Franklin Mutual Advisers, one of the Company`s largest creditors, supports the plan of reorganization and is recommending that creditors vote in favor of its approval. A hearing on confirmation of the plan is expected to take place in late August or early September. As previously announced, MFN will become AboveNet, Inc. upon emergence from Chapter 11. In addition the Company announced that Fiber, LLC, an entity owned by telecom industry pioneer and investor Craig McCaw, has purchased certain significant trade claims. These claims will translate into a significant equity ownership interest in the new company, AboveNet, Inc. `Craig McCaw has been a long-standing leader in the communication industry and we are thrilled to have him as part of the new company. The support of a visionary like Craig is a great vote of confidence for us and for our future,` said John Gerdelman, president and chief executive officer of the company. The plan of reorganization provides for a $50 million rights offering to creditors, and Fiber, LLC and the Kluge Trust, a trust associated with John Kluge, have agreed to purchase any outstanding portion of the rights offering not purchased by other creditors. Further, the Company has guaranteed Fiber, LLC a minimum $12.5 million participation in the rights offering. `With creditor support and additional funding through the rights offering, we are confident that the new AboveNet will emerge as a strong and nimble company poised for growth with a solid business plan and a healthy balance sheet,`said Gerdelman. About Metromedia Fiber Network, Inc. Metromedia Fiber Network, Inc., which plans to change its name to AboveNet Inc. upon emergence from bankruptcy, combines the most extensive metropolitan area fiber network with a global optical IP network, state-of-the-art data centers and award winning managed services to deliver fully integrated, outsourced communications solutions for high-end enterprise companies. The all-fiber infrastructure enables AboveNet customers to share vast amounts of information internally and externally over private networks and a global IP backbone, creating collaborative businesses that communicate at the speed of light. On May 20, 2002, Metromedia Fiber Network, Inc. and most of its domestic subsidiaries commenced voluntary Chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York. The Company has requested a hearing on confirmation of its plan of reorganization on August 21. This news release contains forward-looking statements that involve risks and uncertainties. Factors that could cause or contribute to such risks and uncertainties include, but are not limited to, general economic and business conditions, competition, changes in technology and methods of marketing, and various other factors beyond the Company`s control. This also includes such factors as are described from time to time in the SEC reports filed by Metromedia Fiber Network including the most recently filed Forms S-3, 10-K and 10-Q. SOURCE Metromedia Fiber Network, Inc. Kara Carbone of Metromedia Fiber Network, Inc., +1-914-683-6386 or kcarbone@above.net http://www.mfn.com Copyright (C) 2003 PR Newswire. All rights reserved. JS200 |
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| aus der Diskussion: | Metromedia fiber ???????? KOMMT SIE WIEDER ?????? |
| Autor (Datum des Eintrages): | js200 (17.07.03 14:58:44) |
| Beitrag: | 12 von 21 (ID:10139412) |
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