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    eröffnet am 12.01.02 11:34:18 von
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      schrieb am 12.01.02 11:34:18
      Beitrag Nr. 1 ()
      Telecom Bonds 2002: Hell, Purgatory and Heaven - Salomon Smith Barney



      http://dailynews.yahoo.com/h/nm/20020105/tc/telecom_bonds_sa…
      Avatar
      schrieb am 03.04.02 11:44:41
      Beitrag Nr. 2 ()
      March 29, 2002 | Business News Archives
      Owners Approve McLeod Restructuring

      http://www.internetnews.com/bus-news/article/0,,3_1000801,00…
      Avatar
      schrieb am 06.04.02 12:17:57
      Beitrag Nr. 3 ()
      Ich möchte gerne wissen wer von Euch weiss wann die McLeod Aktie wieder gehandelt wird! Man hat mir gesagt dass wenn man die billige Aktie besitzt (schlusskurs bei 0,18$ am 31.01)gibt es folgendes Szenario. Die Aktie kommt mit 3,5$ raus und wird geteilt durch 11, das wäre ein Kurs von 0,31 $ umgerechnet, schön wär´s, und dann geht man in Richtung 1,00$ nach dem REstrukturierungsplan?
      Schauen wir mal, mir wär´s aber recht dass Aktie bald wieder gehandelt wird. Vielleicht weiss einer von Euch mehr. In der Homepage von Mcleodua steht auch nichts (www.mcleodusa.com).
      Gruss,
      Petunia.
      Avatar
      schrieb am 07.04.02 06:40:01
      Beitrag Nr. 4 ()
      @petunia
      Am 16 April wird es soweit sein. Siehe News:

      McLeodUSA Announces Court Approval of Plan of Reorganization
      CEDAR RAPIDS, Iowa--(BUSINESS WIRE)--April 5, 2002--McLeodUSA Incorporated, one of the nation`s largest independent competitive local exchange carriers, announced today that the United States Bankruptcy Court for the District of Delaware entered an order confirming its pre-negotiated Plan of Reorganization (``the Plan``), which was filed on January 31, 2002. The Bankruptcy Court approval follows last week`s overwhelming acceptance of the Plan by over 98% of the senior notes and shares of the Company`s preferred stock that voted on the Plan.

      McLeodUSA expects the Plan to become effective on April 16, 2002. As outlined in the Company`s Form 8-K dated March 5, 2002, this comprehensive recapitalization will eliminate $3 billion of high yield debt and approximately $325 million of associated interest expense. Key elements of the Plan include the following:

      the sale of the Company`s Directory Publishing Business;
      a new cash investment by Forstmann Little & Co. for new common stock and warrants;
      payment of cash and issuance of new Series A preferred stock and warrants to the existing bondholders;
      conversion of the existing preferred stock into new common stock;
      the conversion of existing common stock into new common stock;
      repayment of term loans and a reduction in commitments under its senior secured credit agreement.
      The Company`s new common stock will be listed on the Nasdaq National Market and is expected to be open for trading shortly after the effectiveness of the Plan. McLeodUSA has applied for inclusion of the new Series A preferred stock, to be distributed to the existing bondholders, on the Nasdaq National Market. Prior to the effective date of the Plan, the Company will provide additional information about the timing of distributions under the Plan and the procedures for effecting such distributions.

      Under the terms of the Plan, the Company will not be able to make the full distribution of the new common stock to its existing common stockholders upon the effective date due to unresolved purported class action securities claims against McLeodUSA. McLeodUSA believes that the securities claims are without merit and intends to object to the allowance of such claims. Under the bankruptcy laws, any recovery for such shareholder claims must be satisfied from the shares of new common stock available for distribution to existing common stockholders. Until such issues are resolved, the Court requires that a portion of common stock be reserved. The Company will petition the Court to establish a minimum reserve of new common stock for such claims in order to allow for the prompt distribution of the remaining shares of new common stock to existing holders of common stock pursuant to the terms of the Plan. A hearing date of April 29, 2002 has been set to deal with the reserve, if necessary.

      Tene
      Avatar
      schrieb am 15.04.02 15:09:08
      Beitrag Nr. 5 ()
      Aus einem Messageboard, angeblich von TheDeal.com
      http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7082949&…

      McLeod plans successful bankruptcy exit

      by Leon Lazaroff
      Posted 05:04 PM EST, Apr-12-2002

      Fiber-optic provider McLeodUSA Inc.`s expected
      emergence from bankruptcy April 16 — just 10 weeks after filing with the U.S. Bankruptcy Court for the District of Delaware — will mark a rare turn of events in the beleaguered telecommunications sector.

      If McLeod does receive court approval Tuesday, then Theodore Forstmann, president of the private equity firm Forstmann Little & Co. and McLeod`s biggest backer, will get much of the credit. Emerging from bankruptcy, of course, does not guarantee that Forstmann and the company`s bank lenders and bondholders will ever get a return on their hefty investments, but it`s a significant start.

      As more telecom companies seek court protection —U.K.`s Flag Telecom filed for bankruptcy Friday and Adelphia Business Solutions Inc. did so March 27 —McLeod`s comparatively quick turnaround is the envy of
      the industry. Forstmann`s other large telecom
      investment, XO Communications Inc., would like to arrange a similar pre-packaged bankruptcy plan, but a running skirmish with key investor Carl Icahn has put a badly needed restructuring on hold.

      Still, other broadband providers, among them ICG Communications Inc. and e.spire Communications Inc., continue to languish in bankruptcy months after their filings.

      "McLeod`s emergence would certainly be the most
      expeditious of the benchmark CLECs to emerge from bankruptcy," Trent Spiridellis, a telecom debt analyst at Bank of America Securities, said of the Cedar Rapids, Iowa-based competitive local exchange carrier.

      Hammered out over the winter, the Forstmann plan eliminates about $3 billion of high-yield debt and roughly $325 million in associated annual interest costs. The deal also prevents McLeod`s bank lenders from having to lend it the remaining $300 million on a $1.3 billion credit facility. At the time of its
      bankruptcy filing, McLeod reported assets of $4.8 billion.

      Arguably, the key to the McLeod restructuring was that Forstmann guaranteed a baseline sale price of $535 million for the company`s profitable telephone directories unit, McLeod Publishing. The purchase guarantee, which was made in December, set up a $600 million sale of the directories business in February to Yell Group, a London-based company backed by
      private equity firms Apax Partners of London and Hicks, Muse, Tate & Furst Inc. of Dallas.

      Proceeds from that sale went to bondholders, who agreed to retire most of the company`s high-yield debt. In addition, Forstmann also agreed to invest $175 million — his total investment tallies more than $1 billion — toward the company`s immediate operations. The banks were further calmed by assurances that McLeod`s local telephone business, a separate unit with operations in Illinois, would be
      sold to pay down the remaining $1 billion in debts.

      The McLeod restructuring comes at a time when banks and private equity groups are loathe to sink more money into telecom ventures. As one bondholder put it, Forstmann`s decision to agree to invest more money into McLeod and take on 58% of McLeod`s equity gave wary investors sufficient comfort that the company
      might one day turn a profit.

      "All the creditors recognized that they would have much greater recoveries if McLeod emerged from Chapter 11 in a manner where it could maintain and even grow its customer base," Spiridellis added.

      Unlike most CLECs, McLeod has become Ebitda positive — the point at which the company is generating earnings prior to paying taxes and interest or factoring in depreciation and amortization costs. McLeod has said that it should become profitable by the end of 2005.

      While McLeod`s future may soon depend more on the economy and a well-run business, XO Communications remains mired in a creditor squabble and a business that has yet to reach Ebitda positive. At issue is how best to retire about $4.1 billion in bonds. To execute
      a debt-for-equity swap, Forstmann and a group that includes the Mexican telecom giant Telefonos de Mexico are offering to invest $800 million in cash in exchange for 80% of XO.

      Icahn and his supporters say they are prepared to spend $550 million in cash for a 55% stake in the company. While Icahn`s offer amounts to less money, his has the better bid price. The longtime financier holds $750 million of XO`s bond debt.

      "With Forstmann and Icahn we have a spread of what the value is," said Charles Gassenheimer, a high-yield telecom analyst at Credit Suisse First Boston. "Now the question is where is that value going to be assigned."

      Whoever wins, investors are hoping that the tug-of-war is resolved quickly and XO can engineer a quick and efficient bankruptcy restructuring. Though both companies long-term prospects remain uncertain, wiping away the stigma of bankruptcy is essential to ever
      reaching that rarity of modern day telecommunications: profitability.

      "Customers simply don`t like it when a company is either rumored to be headed for bankruptcy or stays in bankruptcy too long," said Jim Bromley, a bankruptcy lawyer at Cleary, Gottlieb, Steen & Hamilton. "The goal is to get in and get out quick or you`re likely to become another Winstar." Winstar Communications
      Inc., which the market once valued as high as $10 billion, was sold in December for $42 million in cash and stock.

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      Avatar
      schrieb am 17.04.02 23:18:43
      Beitrag Nr. 6 ()
      McLeod emerges from Chapter 11 bankruptcy
      By Jonathan Moules in New York
      Published: April 17 2002 21:42 | Last Updated: April 17 2002 21:46
      Financial Times
      http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid…

      McLeodUSA, the start-up telecommunications company, announced it had emerged from Chapter 11 bankruptcy protection on Wednesday after its amended reorganisation plan was approved.

      As part of the plan, McLeod will distribute $670m in cash to its senior noteholders, who will also receive new preferred series A stock and warrants.

      The Iowa-based company, which provides local telecoms service in 25 US states, added that it would also distribute new common stock to its old preferred shareholders and would resume trading on Nasdaq on Thursday. Shares last traded on January 30 at 18 cents.

      McLeod, which was once worth $19bn, was among a wave of competitive local exchange carriers (Clecs) that filed for Chapter 11 protection from its creditors as the capital market for start-up telecoms groups evaporated.

      However, Mcleod, whose re-appearance from Chapter 11 comes 75 days after filing for bankruptcy protection, was always more likely to re-emerge than its peers since it claimed the support of bank lenders and some bondholders for its reorganisation.

      Along with the filing, longtime investor Forstmann Little agreed to invest an additional $175m in McLeod, which signed agreements with Forstmann and its secured lenders on a plan to eliminate at least 95 per cent of the company`s $2.9bn bond debt and an associated interest expense of $300m.

      McLeod added that it had entered a five-year $110m revolving credit facility, which could be increased to $160m, with a bank group led by JP Morgan Chase, Bank of America and Citibank. Also, McLeod hopes to complete the $600m sale of its directory publishing business to the UK-based Yell Group.
      Avatar
      schrieb am 18.04.02 15:53:00
      Beitrag Nr. 7 ()
      McLeodUSA wird wieder an der NASDAQ unter dem Kürzel MCLDD gehandelt, wobei ca. 11 alte einer neuen Aktie entsprechen.
      Avatar
      schrieb am 20.04.02 23:34:26
      Beitrag Nr. 8 ()
      Hallo Bannerman,
      ich habe deine Nachricht heute in der Diskussion gelesen. Es freut mich dass die McLeod Aktie endlich wieder notiert wird, ich verstehe aber nichts. Ich habe gesehen dass die Aktie
      in der Nasdaq zweimal gehandelt wird, einmal unter dem Kürzel mcldd und unter dem Kürzel mcldo.
      Ich habe 1500 alte McleodUsa-Aktien (die billigeren die mit 0,18$ am 31.1 geschlossen haben).
      Was bedeutet dies? Wieviele neue Aktien erhalte ich denn für meine 1500 alten billigeren McLeodUsa? Und zu welchen Kurs haben die eröffnet in DEutschland? Da stand kein Kurs zu meinem ERstaunen!!
      Ich freue mich auf deine Antwort Bannermann oder wer bescheid weiss!!!
      Petunia.


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