Metromedia Fiber Network (MFN) is targeting mid-August for confirmation of its plan of reorganization, enabling it to emerge from Chapter 11 bankruptcy protection. MFN will change its name to AboveNet and begin using the AboveNet brand for all its services, starting immediately.
http://www.mmfn.com
- In March 2003, Metromedia Fiber Network (MFN) filed its plan of reorganization with a bankruptcy court in New York. The company first filed for Chapter 11 protection in May 2002.
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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.
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In March, 2003, Switch and Data Inc. acquired the assets of PAIX.net, an Internet peering exchange provider with facilities in Atlanta, Dallas, New York, Palo Alto, Seattle, and Vienna, Virginia. Switch and Data’s acquisition is inclusive of all PAIX sites. In March 2002, MFN announced its intent to sell its PAIX facilities for $50 million to an unnamed buyer. PAIX, the Palo Alto Internet Exchange, was originally opened by Digital Equipment Corporation in July 1996. AboveNet acquired PAIX in May 1999 from Digital/Compaq for $75 million.