The U.S. bankruptcy court overseeing Metromedia Fiber Network’s (MFN’s) Chapter 11 case has confirmed the company’s plan of reorganization, clearing the way for the company to emerge from bankruptcy protection in early September. MFN recently changed its brand name to AboveNet. Upon emergence from Chapter 11, the company expects to have approximately $70 million in senior bank debt and $73 million in cash by the end of the year.
http://www.mfn.com
- In June 1999, Metromedia Fiber Network agreed to acquire AboveNet Communications in a stock swap valued at about $1.55 billion at the time. AboveNet had co-location facilities in operation in San Jose, California and Vienna, Virginia at the time.