Mar, 2002 : XO Communications Rejects Bondholders Financial Aid

📅 March 11, 2002 - XO Communications, a troubled telecom provider, announced today that it has rejected a takeover proposal from bondholders led by financier Carl Icahn and plans to implement a previous proposal advanced by buyout firm Forstmann Little & Co. and partner Telefonos de Mexico.

Bondholders on Friday said they reached an agreement to inject $600 million into the company, countering an earlier offer by financier Ted Forstmann and partner Telefonos de Mexico. XO (xo.com -> akamai.com) said it has the support of lenders representing more than two-thirds of its senior secured debt.
?The Forstmann Little/TelMex proposed restructuring is clearly superior and will permit the company to complete its financial restructuring and raise the funding needed to secure the company's future,? XO said in a statement.

Reads: 1097 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/xo031102.cfm

Company: XO Communications [xo.com -> akamai.com]

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