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MFN Moves Closer to Emerging From Chapter 11 With the Filing of a Plan of Reorganization via COMTEX March 14, 2003 NEW YORK, Mar 14, 2003 /PRNewswire-FirstCall via COMTEX/ -- Metromedia Fiber Network, Inc. (MFN), the leading provider of digital communications infrastructure solutions, announced today that it has filed its Plan of Reorganization with the United States Bankruptcy Court in Southern District of New York Court in White Plains. This is a critical step forward for the Company in its efforts to emerge successfully from Chapter 11. `We promised our customers that we would do everything possible to emerge as quickly as we could and I intend to fulfill that promise with the filing of this plan,`said John Gerdelman, President and Chief Executive Officer of MFN. `We expect to emerge from this process a more financially stable and competitive company. We have been EBITDAR positive in excess of projections for the past five months, our cash position has almost doubled from $38 million when we filed for protection in May to $73 million and we have paid down more than $17 million of our bank debt. This is truly a survivor story that is the direct result of the hard work and extraordinary commitment of our employees.`(EBITDAR: Earnings Before Interest, Taxes, Depreciation, Amortization and Restructuring Expenses.) MFN`s post-bankruptcy business strategy includes continued operation of all its core business segments - metropolitan fiber network, data centers, IP transit and managed services. About MFN MFN is the leading provider of digital communications infrastructure solutions. The Company combines an extensive metropolitan area fiber network with a global optical IP network, state-of-the-art data centers, award-winning managed services and extensive peering relationships to deliver fully integrated, outsourced communications solutions to Global 2000 companies. The all-fiber infrastructure enables MFN 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. For more information on MFN, please visit our Web site at www.mfn.com SOURCE Metromedia Fiber Network, Inc. Kara Carbone of Metromedia Fiber Network, +1-914-683-6386, or kara.carbone@mfn.com http://www.mfn.com Copyright (C) 2003 PR Newswire. All rights reserved JS200 |
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| Autor (Datum des Eintrages): | js200 (14.03.03 14:50:33) |
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