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Covad judge OKs bankruptcy plan; XO kisses NASDAQ goodbye

Wed, 12/12/2001 - 7:00pm
Anne Kerven

A U.S. Bankruptcy Court of Delaware judge OK'd Covad Communications Group's restructuring plan this morning, allowing the company to emerge from its bankruptcy around Dec. 20, says spokesman Pavel Radda. The pre-negotiated plan will eliminate about $1.4 billion in bondholder debt and pre-existing shareholders will keep nearly 80 percent of the company. …

XO Communications Inc. ceased trading on the NASDAQ and says it will start trading on NASD Over the Counter Bulletin Board starting Monday. NASDAQ stopped XO's trading in late November after the company announced a preliminary agreement with Fortsmann Little and Telefonos de Mexico S.A. de C.V.. Under the deal, each would invest $400 million for new equity in the company. …

Scientific-Atlanta will pitch in its Vision 1000 headend platform as the master headend in a 27-city network underway by PentaCom, a unit of Russia Broadband Communications. No word on financial terms, but the network ultimately will serve about 1 million homes. …

nCUBE Corp. appointed a new VP of worldwide sales. Richard R. Hamilton will oversee the company's sales operations. He was VP of global sourcing at Partminer Inc. …

Rockwell Collins will supply its Integrated Information System to AirTV, which in turn will supply commercial aircraft with flight information, Internet and TV via its still-in-development satellite network. Under the partnership, AirTV will use Rockwell's gatelink hardware and network server unit, both of which are part of the I2S. …

Blonder Tongue Laboratories Inc. weighed in with Q4 guidance. The electronics manufacturer puts net sales in the $12.5 million to $14 million range, or 4 cents to 9 cents a diluted share. A sales surge for the quarter has expected December shipments exceeding $6 million. …

RCN launched its first VOD service to the Sharon Hill, Norwood and Ridley Park sections of Philadelphia. RCN also offers voice, video and data in Chicago, New York, Boston and Washington, D.C. Thus far, the company has installed three servers from SeaChange International, supporting 480 streams combined. TVN supplies on-demand content. The company plans a broader rollout in the next several months, also in the Philadelphia market. RCN spokeswoman Nancy Bavez says the rollouts pass 10,000 homes in the three areas. …

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