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Stocks M / Metromedia Fiber Network
|Subject: so at last the word is out; commons are dead?||Date: 5/22/2003 4:00 AM|
|Author: muffinXL||Number: 2297 of 2302|
One sentence draws the attention:
"Current common stockholders wouldn't receive any distribution under the company's Chapter 11 reorganization plan, and their shares would be canceled, according to the disclosure statement."
so we are officially dead, I assume. The end of a long process....
Metromedia Fiber Sees Enterprise Value Of $230M-$330M
Wednesday, May 21, 2003 04:43 PM ET Printer-friendly version
WASHINGTON (Dow Jones)--Metromedia Fiber Network Inc. (MFNXQ, news) said it estimates the enterprise value of the company will be between $230 million and $ 330 million once it emerges from bankruptcy protection.
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According to the disclosure statement the company filed explaining its Chapter 11 plan, the estimate doesn't include remaining cash for operating the business.
Should its plan be confirmed, Metromedia Fiber would continue providing fiber- optic infrastructure and high-bandwidth Internet connectivity services and would make improvements to its systems and networks, court papers obtained recently by Dow Jones Newswires said.
Financial projections included in the disclosure statement said Metromedia Fiber expects revenue of $238 million and a net loss of $55.1 million for 2003.
The court filing said that for 2004, the company sees revenue of $276.6 million and net income of $35.1 million; for 2005, revenue of $330 million and net income of $49.8 million; and for 2006, revenue of $386.6 million and net income of $67.6 million.
Metromedia Fiber filed a mo