Exodus - Internal Memo: Restrukturierungsplan vor Veröffentlichung? - 500 Beiträge pro Seite

[fsch]

Exodus in the spotlight
Internal memo: job cuts, financial restructuring

By Bambi Francisco, CBS.MarketWatch.com
Last Update: 1:09 PM ET Sept. 26, 2001

...

In an internal memo, obtained by CBS.MarketWatch.com, Exodus Chairman and CEO Bill Krause said that "two immediate actions are underway."

"This week we will complete the update of our operating/financial plan to reflect the current realities of our environment," the memo said. "It will show reduced overhead as the result of disposing of some excess real estate, reduced network costs, a resized organization, all aimed to enable Exodus to achieve EBITDA profitability.

"The most emotionally difficult part of the updated plan is the need to reduce our overall headcount further." Exodus currently has 2,750 employees.

Exodus was not immediately available to comment. Andrew Shroepfer, president of independent research firm Tier 1 Research, said 25 percent of the workforce could be slashed. This action would also require Exodus to shut down IDCs, he said.

Whatever the announcement may be, analysts hope to get some insight as to whether pre-packaged bankruptcy protection would make sense at some point. Shroepfer just released a report encouraging Exodus to consider pre-packaged bankruptcy and focused on Covad Communications` (COVD: news, chart, profile) restructuring as a model. Covad announced its intent to file for pre-negotiated bankruptcy protection on August 7.

At the same time, the high-speed Internet DSL provider had already secured the majority approval of its bondholders to accept 19 cents to the dollar. Covad had $1.4 billion in debt and $500 million in cash at the time. See Net Sense: Why bankruptcy can be a good thing.

Exodus has $3.8 billion in debt including accounts payable, according to Morgan Stanley analyst Jeffrey Camp. By the end of the year, Exodus has stated that it will have $200 million in cash on its balance sheet, down from $617 million at the end of June.

As of June 30, 2001, Exodus had commitments under capital leases and under non-cancellable operating leases of about $3.2 billion through 2016.

Global Crossing (GX: news, chart, profile), which owns 19 percent of Exodus, or 109 million shares, fell 9 percent to $2.69. According to filings, Global Crossing cannot sell its stake until 2002. Additionally, Global Crossing may be left with annual lease payments of $70 million if Exodus fails to make its payments. "It would amount to $800 million over the course of the lease," said Morgan Stanley`s Camp. "But Global Crossing would try to reduce that immediately by subletting the space."

Another emerging company that just announced a round of job cuts is ExcitAtHome (ATHM: news, chart, profile). The provider of high-speed Internet access announced job cuts on Tuesday. On Wednesday, shares plunge 33 percent to 18 cents,

Net sector sinks

The overall Net sector was under pressure as well. The Goldman Sachs Internet Index gave up 2 percent as shares of Amazon.com (AMZN: news, chart, profile) sank 6 percent to $6.68; Yahoo (YHOO: news, chart, profile) lost 3 percent to $9.04.

But e-business software shares sank even further. I2 Technologies (ITWO: news, chart, profile) dropped 11 percent to $3.52.

WebEx (WEBX: news, chart, profile) gave up 10 percent to $21.51.

See latest Net Sense: Silicon Valley insiders in therapy.

Of note...

In the final chapter of Standard Media International, the defunct new-media firm took what it could get. And that wasn`t much. See full story.

Bambi Francisco is Internet editor of CBS.MarketWatch.com, based in San Francisco.



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[EisPeter1]

Baby, gibts so was auch in deutsch?
Können ja nicht alle so intellent sein, so wie Du.
Sag doch gleich: weg mit dem Dreck...
oder...?

[fsch]

@Schnuckelchen,

ist absolut korrekt was Du da von Dir gibst. Aber auf Deutsch gibt`s dies nicht.

Grüße, fs

[fsch]

Exodus Communications Facilitates Financial Restructuring

- Files for Reorganization through Voluntary Chapter 11 Case
- Secures Commitment for $200 Million in `DIP` Financing
- Assures Uninterrupted Operations and Customer Service
- Focuses on Long-Term Profitable Growth

SANTA CLARA, Calif., Sept. 26 /PRNewswire/ -- Exodus Communications(R), Inc. (Nasdaq: EXDS) announced today it has filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The filing will enable Exodus(R) to focus on operating its business and serving its customers while it develops a plan of reorganization to provide a suitable capital structure for long-term growth. The company also announced it has received a commitment for up to $200 million in debtor-in-possession (DIP) financing from GE Capital which will be used to fund post-petition operating expenses and supplier and employee obligations. The company filed its voluntary petition in the U.S. Bankruptcy Court for the District of Delaware in Wilmington. The filing includes the company`s domestic operations headquartered in Santa Clara, Calif.

Exodus Chairman and Chief Executive Officer L. William Krause said the actions allow the company to continue to provide its customers with the highest quality service and support and assure fulfillment of its obligations to them as well as to Exodus employees.

"Providing high quality products and services to our customers has been, and continues to be, our number one priority. Our employees have been, and continue to be, our number one asset," Krause said. "We are committed to meeting the needs of both-now and well into the future. This restructuring action ensures we have the wherewithal to do that and our daily operations continue uninterrupted as before. In addition, we will now be able to devote efforts to solidifying and executing on a go-forward operating plan that is based on tough-minded fiscal discipline and focuses on managing Exodus to profitability." Debtor-in-Possession Financing

To enhance its liquidity, Exodus has obtained a commitment for up to $200 million in DIP financing from GE Capital. This financing, as well as cash from operations will be used to fund post-petition operating expenses and supplier and employee obligations. Funding of the DIP financing is subject to condition precedents normal and customary with respect to facilities of this type, including, but not limited to, obtaining Bankruptcy Court approval.

"With a commitment for DIP financing in place and the protections provided under the Bankruptcy Code for post-petition purchases, we are confident our suppliers will continue to support us as we complete our restructuring," Krause said. Focus on Long-Term Profitable Growth

Exodus, as a market leader in complex Web hosting and Internet operations outsourcing services, enjoyed first-mover status in its category, building one of the world`s largest privately-managed data networks and locating dozens of state-of-the-art Internet Data Centers (IDCs) in more high-demand locations than any other hosting service provider. The company had 17 consecutive quarters of double-digit sequential growth and attained market leadership by expanding rapidly to stay ahead of demand from customers for the highest quality service and best solutions, according to Krause.

"We sacrificed profitability in exchange for growth and market share, over-expanding in some areas in advance of demand, not anticipating the decline as the dot.com bubble burst and the economy weakened," Krause said. "But the investments made in IDCs, state-of-the-art operations, customer support, and enhanced products and service offerings are greatly valued by our customers. While we address our balance sheet issues, it is these assets that form the strong base from which we will restore Exodus to financial stability. Our top priority is to serve our existing customers, better than ever, so they entrust us with more of their business. Our goal is to run a profitable business without sacrificing any of the unique value we bring to customers and the marketplace."

Krause said the company is in a good position to take advantage of a market opportunity that continues to grow, albeit at a slower pace than once predicted. According to the industry research firm International Data Corporation, which ranks Exodus as number one in the U.S. web hosting market, the demand for such services will reach $24.8 billion by 2004, up from $7 billion in 2001.

"Exodus is a viable business in a growing market. We`ve got world-class IDC operations and a premier suite of managed hosting, network management, security, storage and content delivery services," Krause said. "We intend to emerge from the restructuring process with a more appropriate capital structure, sufficient cash to fund on-going operations and the ability to access additional capital if needed to fund new growth initiatives. We determined, after careful consideration of our various options, that reorganization through the Chapter 11 process presents the best mechanism to complete our restructuring in a timely manner and retain our current leadership position." About Exodus Communications

Exodus Communications is the leading provider of managed hosting services for enterprises with mission-critical Internet operations. The company offers sophisticated system and network management solutions along with professional services to provide optimal performance for customers` Internet infrastructures. Exodus manages its network infrastructure via a worldwide network of Internet Data Centers (IDCs) located in North America, Europe and Asia Pacific. More information about Exodus can be found at www.exodus.net. Forward Looking Statements

This press release contains forward-looking statements, including statements of current business strategy, financing commitments, intended uses of funds, expected growth, customer service levels, employee commitments and sector growth rates. Actual results may differ materially from those projected in these forward-looking statements. Factors that could affect the forward-looking statements include: Exodus` ability to complete its debtor-in-possession financing arrangements and operate under those arrangements; Exodus` ability to negotiate a favorable restructuring of its debt, raise additional capital, reduce expenses and modify its business model, and to develop, prosecute, confirm and consummate a plan of reorganization; the ability of Exodus to attract and retain key executives and other employees; Exodus` ability to maintain and expand customer relationships while in bankruptcy and in the context of a continued slowdown in the economy; uncertain demand for Exodus` services; the risk that some customers will have difficulty paying for services as a result of their financial difficulties; difficulties delivering services with reduced staffing levels, and unanticipated expenses of and liabilities associated with litigation. The matters discussed in this press release also involve risks and uncertainties described from time to time in Exodus` filings with the SEC including its most recent Forms 10-Q, Forms 8-K and Form 10-K. Exodus assumes no obligation to update any forward-looking information contained in this press release.

Exodus Communications and Exodus are trademarks of Exodus Communications, Inc., and are registered in certain jurisdictions. All other trademarks mentioned in this document are the property of their respective owners.


/CONTACT: media, Maureen O`Connell, [phone], [e-mail], or investors, Tonya Chin, [phone], [e-mail], both of Exodus Communications, Inc.; or all others, Informational Hotline, [phone]/

[ZOCKER2005]

Exodus im internen Protokoll des Scheinwerfers: Jobschnitte,
finanzielles Umstrukturieren

Durch Bambi Francisco, Letzten Aktualisierungsvorgang
BS.MarketWatch.com: 1:09 P.M. UND Sept. 26, 2001



In einem internen Protokoll erreicht durch BCS.cMarketcWatch.com,
Exodusvorsitzenden und CEO-Rechnung Krause gesagt, die " zwei
sofortige Tätigkeiten sind unterwegs. ",

" diese Woche führen wir den Aktualisierungsvorgang unseres
operating-/financialplanes durch, um die aktuellen Wirklichkeiten
unseres Klimas zu reflektieren, " das gesagte Protokoll. " es zeigt
verringerte Unkosten als das Resultat des Entledigens einiger
überschüssiger Immobilien, verringerte Netzkosten, eine die Größe
neu bestimmte Organisation, ganz darauf abgezielt, um Exodus zu
aktivieren, EBITDA-Rentabilität zu erzielen.

" das am emotionalsten schwierige Teil des aktualisierten Planes ist
die Notwendigkeit, unser gesamtes headcount weiter zu verringern. ",
Exodus hat aktuell 2.750 Angestellte.

Exodus war nicht sofort vorhanden zu kommentieren. Andrew Shroepfer,
der Präsident der unabhängigen Forschung der Forschung
Unternehmen-Reihe 1, gesagt 25 Prozent der Mannschaft könnte
zerschnitten werden. Diese Tätigkeit würde auch Exodus benötigen,
IDCs abzuschalten, sagte er.

Was auch immer die Ansage sein kann, hoffen Analytiker, etwas Einblick
zu erhalten, ob verpackter Bankrottschutz sinnvoll an etwas Punkt sein
würde. Shroepfer gerade gab einen Reportanregung Exodus frei, um
verpackten Bankrott zu betrachten und konzentrierte sich auf Covad
Communications` (COVD: Nachrichten, Diagramm, Profil), die als Modell
umstrukturieren. Covad verkündete seine Absicht, um für
vor-vermittelten Bankrottschutz an August 7 zu archivieren.

Gleichzeitig hatte der hohe Geschwindigkeit Internet-cDsl-Versorger
bereits die Majorität Zustimmung seiner Obligationäre gesichert, um
19 Cents zum Dollar anzunehmen. Covad hatte $1,4 Milliarde in der
Schuld und $500 Million im Bargeld zu der Zeit. Sehen Sie
NettoRichtung: Warum Bankrott eine gute Sache sein kann.

Exodus hat $3,8 Milliarde in der Schuld einschließlich der fälligen
Rechnungen, entsprechend AnalytikerJeffrey Morgan Stanley Lager. Ende
des Jahres hat Exodus, daß er $200 Million im Bargeld auf seiner
Bilanz hat, unten von $617 Million am Ende Juni angegeben.

Ab Juni 30, hatten 2001, Exodus Verpflichtungen unter
Leasingverträgen mit Aktivierungspflicht und unter nicht
annulierbaren funktionierenden Mieten von ungefähr $3,2 Milliarde bis
2016.

Globale Überfahrt (Gx: Nachrichten, Diagramm, Profil), das 19
Prozent Exodus besitzt, oder 109 Million Anteile, fielen 9 Prozent auf
$2,69. Entsprechend Archivierungen kann globale Überfahrt nicht
seine Stange bis 2002 verkaufen. Zusätzlich kann globale Überfahrt
mit jährlichen Mieten von $70 Million gelassen werden, wenn Exodus
seine Zahlungen leisten nicht kann. " sie würde bis $800 Million
über dem Kurs des Pachtvertrags betragen, " sagte Lager Morgan
Stanley`s. " aber globale Überfahrt würde versuchen, die sofort zu
verringern, indem sie vermietete den Platz. ",

Eine andere auftauchende Firma, die gerade einen Umlauf der
Jobschnitte verkündete, ist ExcitAtHome (ATHM: Nachrichten,
Diagramm, Profil). Der Versorger der hoher verkündeten Jobschnitte
des Geschwindigkeit Internets Zugriff am Dienstag. Am Mittwoch
Anteilmessfinger 33 Prozent bis 18 Cents,

Nettosektorwannen

Der gesamte Nettosektor war unter Druck außerdem. Der Internet-Index
Goldman Sachs gab oben 2 Prozent als Anteile von Amazon.com (AMZN:
Nachrichten, Diagramm, Profil) sanken 6 Prozent bis $6,68; Yahoo
(Yhoo: Nachrichten, Diagramm, Profil) verloren 3 Prozent bis $9,04.


Aber Egeschäft Software-Anteile sanken sogar weiteres. Technologien
I2 (Itwo: Nachrichten, Diagramm, Profil) fallengelassen 11 Prozent
bis $3,52.

WebEx (Webx: Nachrichten, Diagramm, Profil) gaben oben 10 Prozent bis
$21,51.

Sehen Sie neueste Nettorichtung: Silikonsenkeeingeweihte in der
Therapie.

Von der Anmerkung...,

Im abschließenden Kapitel internationalen der Standardmedia, nahm das
verstorbene Neumediaunternehmen, was es erhalten könnte. Und dieses
wasn`t viel. Sehen Sie volle Geschichte.

Bambi Francisco ist der Internet-Herausgeber von
BCS.cMarketcWatch.com, gegründet in San Francisco.


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Neuestes Industrienachrichten Amazon.com Trägt
Onlinespielraumgeschäft 10:4àm ein

[Robinson_Club]

@eispeter 1,

learn how to spell loser, unless
you have loose teeth............


@fsch,

steigst Du ggf. nochmal ein?

[fsch]

@RC,

wenn die Senior-Notes-Besitzer eine Abfindung zu weniger als 20 Cent/Dollar akzeptieren, sicherlich.

Ansonsten: nöööööööööööööööööööööö.

Grüße, fs

[fsch]

@RC,

wie sieht`s mit Dir aus? Steigst Du wieder ein?

[Robinson_Club]

@fsch,

ist Dir noch der Artikel aus briefing.com im Gedächnis?

Der Apfel ist gegessen.

Grüße

RC

[fsch]

@RC,

was hältst Du von MCLD?

Auch schon gegessen?

[Robinson_Club]

@fsch,

MCLD-kann ich nichts zu sagen.

Warte den finalen Rückschlag ab und sammele Topwerte unten auf.
Warum auf dem dann billigen Niveau in die zweifelhaften Kandidaten investieren?

[fsch]

@Robinson_Club,

wenn schon nicht MCLD, welche Werte sind denn dann Topwerte ?!