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SAN JOSE, Calif., November 7, 2003 — Redback Networks Inc. (NASDAQ: RBAKQ), a leading provider of broadband networking systems, today announced that the U.S. Bankruptcy Court for the District of Delaware has set an aggressive schedule for completing its financial restructuring process. The court has established December 19th for the confirmation hearing for approval of its pre-packaged plan of reorganization. An affirmative judgment on the 19th could become effective in approximately ten calendar days after the order confirming the plan is entered by the court. In addition, the court also approved Redback’s first day motions, ensuring seamless continued operations. “Because we have already completed a significant amount of the work involved in developing a plan of reorganization and believe we have received overwhelming positive support from creditors and shareholders, we expect to move through court quickly and smoothly,” said Kevin DeNuccio, chief executive officer and president of Redback Networks. “We are looking forward to completing this final step in a long process.” About Redback Networks Redback Networks Inc. enables carriers and service providers to build profitable next-generation broadband networks. The company’s User Intelligent Networks ™ product portfolio includes the industry-leading SMS ™ family of subscriber management systems, and the SmartEdge ® Router and Service Gateway platforms, as well as a comprehensive User-to-Network operating system software, and a set of network provisioning and management software. Founded in 1996 and headquartered in San Jose, Calif., with sales and technical support centers located worldwide, Redback Networks maintains a growing and global customer base of more than 500 carriers and service providers, including major local exchange carriers (LECs), inter-exchange carriers (IXCs), PTTs and service providers. |
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| aus der Diskussion: | REDBACK +300 % |
| Autor (Datum des Eintrages): | BUSINESSWORLD (12.11.03 11:01:08) |
| Beitrag: | 9 von 73 (ID:11308204) |
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