Sep 26, 2001 : WorldCom's Purchase of Rhythms Approved

📅 September 26, 2001 - Global communications provider WorldCom said late Tuesday it had received approval from the U.S. Bankruptcy Court to acquire they key assets of DSL provider Rhythms.
Under the terms of the agreement, WorldCom will pay $40 million for a portion Rhythms' assets, including up to $32 million of debtor-in- possession (DIP) financing to continue the operations of Rhythms' network. As a result, WorldCom says current Rhythms customers will receive uninterrupted service. Under the agreement, WorldCom will operate Rhythms' assets in 31 markets throughout the United States.
"This acquisition inexpensively strengthens WorldCom's position as the premier provider of end-to-end, broadband data and Internet solutions for businesses around the world," said Ron Beaumont, WorldCom's COO.
Rhythms filed for Chapter 11 protection in August, citing a "significant downturn" in the telecommunications sector. The company was slated to shut down operations at midnight Monday, until WorldCom stepped in.
WorldCom currently operates in more than 65 countries and had 2000 revenues of approximately $35 billion.

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