Mar 8, 2002 : Icahn Opposed to XO Restructuring Plan
📅 - Billionaire investor Carl Icahn said Thursday that he is opposed to the restructuring plan laid out by telecommunications provider XOCommunications Inc. (xo.com 👉 Total Reviews: 5
🙌 Average Rating: 1 / 10
👍 Good Reviews: 0
👎 Bad Reviews: 5
👈 Official Responses: 0 -> akamai.com) and urged noteholders not to take aninsufficient offer.
Icahn said in a statement the XO restructuring plan led by buyout firmForstmann Little and Telefonos de Mexico is "not materially better" than anearlier proposal. Forstmann, which owns about 22 percent of the firm, andTelefonos de Mexico said last November they would invest $800 million in thecompany in an attempt to avoid bankruptcy.
The prominent financier asked investors not to "lock up" their holdings andto remain flexible. He also said he is looking into alternative plans ofaction.
Reston, Virginia-based XO replied by saying it had received no other fundingproposals besides the one that Ted Forstmann proposed last year.
"To date, XO has not received any alternative funding or restructuringproposals from any other third party, despite the aggressive marketing ofthe investment opportunity to a wide variety of financial and strategicinvestors," XO said in a statement.
🙌 Average Rating: 1 / 10
👍 Good Reviews: 0
👎 Bad Reviews: 5
👈 Official Responses: 0 -> akamai.com) and urged noteholders not to take aninsufficient offer.
Icahn said in a statement the XO restructuring plan led by buyout firmForstmann Little and Telefonos de Mexico is "not materially better" than anearlier proposal. Forstmann, which owns about 22 percent of the firm, andTelefonos de Mexico said last November they would invest $800 million in thecompany in an attempt to avoid bankruptcy.
The prominent financier asked investors not to "lock up" their holdings andto remain flexible. He also said he is looking into alternative plans ofaction.
Reston, Virginia-based XO replied by saying it had received no other fundingproposals besides the one that Ted Forstmann proposed last year.
"To date, XO has not received any alternative funding or restructuringproposals from any other third party, despite the aggressive marketing ofthe investment opportunity to a wide variety of financial and strategicinvestors," XO said in a statement.
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Company: XO Communications [xo.com -> akamai.com]
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