Apr, 2002 : Genuity, Verizon Exit Fiber Deals With Metromedia
📅 - Metromedia Fiber Network (mfn.com), which provides fiber-optic Internet connectivity to high-end clients, said over the weekend that the company had received notices from both Verizon Global Networks and Genuity Solutions terminating their fiber optic agreements with MFN. Under the agreements, MFN leased capacity on its fiber optic network to Verizon Global Networks, a division of telecommunications firm Verizon, and Genuity, an infrastructure firm, for $350 million and $200 million respectively. MFN says that of those amounts, $235 million and $140 million respectively have already been paid. MFN said Verizon was continuing to engage in discussions regarding its relationship with Metromedia. MFN also said that it expects to begin negotiations with debtholders "regarding a consensual restructuring of its indebtedness" shortly. Last week, the company announced senior management changes and said it had defaulted on certain interest payments. In mid-March, MFN warned it might be forced to file for bankruptcy protection if it could not restructure its debt.
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