May, 2002 : Metromedia Files for Bankruptcy Protection

📅 May 21, 2002 - Digital communications and infrastructure firm Metromedia Fiber Network (mfn.com) said yesterday it had filed for Chapter 11 bankruptcy protection.

The company said most of its domestic subsidiaries had also filed for protection. The announcement comes a little more than two months after the company warned it may be forced to file for protection if it could not restructure its debt.
The company also said it would be de-listed from the Nasdaq stock exchange.
In conjunction with the filing, MFN said it had reached an agreement with its senior secured lenders which will enable the firm to fund its operations while the company reduces costs by divesting by cutting personnel, idle data centers and offices and burdensome vendor contracts.
"I want to assure our customers that our top-notch service levels will not be compromised by the reorganization process," said John Gerdelman, MFN's President and CEO, in a release. "Dedication to our customers and their businesses continues as a top priority."
Metromedia, which builds fiber networks in metropolitan areas, ultimately buckled under the pressure of a reeling telecommunications sector, debt issues and a slide in customer demand.
Shares in the company closed at just under five cents before trading was halted.

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