Has anyone heard if XO Communications is about to file bankrupcty?

Nope, but I would like to know more,
I was with them since they were anawave or anaserve.

B.

Originally posted by cgiGeek
Nope, but I would like to know more,
I was with them since they were anawave or anaserve.

B.

Well, I have heard and seen... just trying to find out more as well.

Originally posted by gcjeepster

Well, I have heard and seen... just trying to find out more as well.

Why not look up stock ticker news for XOXO.OB on Yahoo? The ".OB" part is your first warning sign ;)

http://finance.yahoo.com/q?s=XOXO.OB&d=d

I'll summarize. They've been planning a bankruptcy filing for a long time, in order to force their bondholders to accept a restructuring. Some bondholders and/or stockholders have been vigorously resisting that, since the proposed plan would completely erase shareholder value and essentially hand the company over to a couple of bondholders.

"...XO Communications said it needs a minimum of $500 million to $600 million in additional funding..."

"...the company's auditor, Arthur Andersen LLP, said it believes there is substantial doubt about XO Communications ' ability to continue as a going concern."

It's a shame, really, but after various mergers and repositioning, XO is no longer Concentric or 9NetAve or whoever else they bought. They are having the same problem as other hugely leveraged CLECs and backbones. Global Crossing, Williams, WorldCom, Metromedia, and so forth.

Kevin

Alot of ISPs are having issues in these hard economical times. XO is tier 1 so there are alot of investors, i remember last year when someone through in 80 mil to keep it afloat. I mean look at level 3 its the same thing. Most of the tier 1 providers should make it through though since their network is so vital and the investors are there.

Don't think they have yet. Here's the latest news I could find:
http://www.washingtonpost.com/wp-dyn/articles/A53786-2002Apr2.html