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MFN Targets Mid-August for Confirmation of Reorganization Plan; Changing Name to AboveNet, Inc. Company Expects to Emerge with Strong Balance Sheet and Significant Debt Reduction Monday , June 09, 2003 08:30 ET NEW YORK, Jun 9, 2003 /PRNewswire-FirstCall via COMTEX/ -- Metromedia Fiber Network, Inc. (MFN) is targeting mid-August for confirmation of its plan of reorganization, allowing the Company to emerge from Chapter 11 protection. MFN is simultaneously seeking all other necessary regulatory approvals. In addition, MFN announced that as part of its reorganization, it will change its name to AboveNet, Inc. and is expanding the use of the AboveNet brand to all products immediately. MFN has already filed its plan of reorganization and disclosure statement with the United States bankruptcy court for the Southern District of New York. In its disclosure statement, the Company states it expects to emerge from bankruptcy with a viable business strategy for long-term stability and growth, and a solid balance sheet with substantially reduced debt and strong cash position. A hearing on the disclosure statement is scheduled for July 2, 2003. The Company has requested a hearing on August 14, 2003 to confirm the plan of reorganization. As part of its emergence from chapter 11 protection, MFN will begin using the AboveNet brand name in all areas of the business including network, IP transit, colocation and managed services. In keeping with the MFN business model, AboveNet will offer enterprise and carrier customers a unique combination of services that focus on data, bandwidth, high-capacity transmission, privacy and speed. This new name highlights MFN`s transformation into a fast and nimble player in the industry with the ability to deliver top tier private optical networks, dedicated Ethernet connections to the Internet, and a full portfolio of managed, colocation and IP transit services. "It is really exciting to see how much we`ve accomplished in the last year to make the Company financially strong, operationally efficient and ready to meet the challenges ahead in the post-bankruptcy environment," said John Gerdelman, Company president and chief executive officer. "Our customers continue to want our services and we expect this demand to increase when we emerge. As AboveNet, we will start fresh and combine the valuable assets and capabilities of MFN with the financial stability gained through this process." Upon emergence from bankruptcy the Company plans to remain in all its existing product lines and will maintain the same strong commitment to its customers. About Metromedia Fiber Network, Inc. Metromedia Fiber Network is the leading provider of optical communications infrastructure solutions. The Company 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 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.mmfn.com. 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. CONTACT: Kara Carbone of Metromedia Fiber Network, +1-914-683-6386, kcarbone@mfn.com URL: http://www.mmfn.com http://www.prnewswire.com Copyright (C) 2003 PR Newswire. All rights reserved. -0- ProviderSequenceNumber: 0274 KEYWORD: New York INDUSTRY KEYWORD: CPR NET TLS ITE SUBJECT CODE: RCN BCY STOCK SYMBOLS: [(mfnxq)] JS200 |
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| aus der Diskussion: | Metromedia fiber ???????? KOMMT SIE WIEDER ?????? |
| Autor (Datum des Eintrages): | js200 (03.07.03 23:09:49) |
| Beitrag: | 9 von 21 (ID:9978781) |
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