Jun 9, 2003 : MFN to Emerge From Bankruptcy in August
📅 - Metromedia Fiber Network (mfn.com) announced today it is targeting mid-August for confirmation of its reorganization plan allowing it to emerge from chapter 11 bankruptcy protection. In addition to the plan, the company is seeking all other necessary regulatory approvals.
The company also announced it will change its name to AboveNet Inc. and begin using the brand name in all areas of its business including network, IP transit, colocation and managed 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.?
Metromedia Fiber Network filed for chapter 11 bankruptcy protection on May 20, 2002 with the United States Bankruptcy Court for the Southern District of New York. It has submitted its reorganization plan and disclosure statement and expects to emerge from bankruptcy protection with a viable long-term business plan, reduced debt, and a strong cash position.
Headquartered in White Plains, New York, Metromedia Fiber Networks is a provider of optical communications and infrastructure solutions.
The company also announced it will change its name to AboveNet Inc. and begin using the brand name in all areas of its business including network, IP transit, colocation and managed 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.?
Metromedia Fiber Network filed for chapter 11 bankruptcy protection on May 20, 2002 with the United States Bankruptcy Court for the Southern District of New York. It has submitted its reorganization plan and disclosure statement and expects to emerge from bankruptcy protection with a viable long-term business plan, reduced debt, and a strong cash position.
Headquartered in White Plains, New York, Metromedia Fiber Networks is a provider of optical communications and infrastructure solutions.
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