Covad Communications saw a $175.5 million net loss on revenue of $87.1 million in its second quarter, citing charges connected with shutting down its BlueStar subsidiary as a key reason. The company, which filed for a Chapter 11 bankruptcy in mid-August and negotiated with bondholders to reduce its $1.
Sure, VC and other funding's out there, barely, but $110 million? Plus? Santera Systems Inc. scored more than $110 million in a third round of financing, it reports. The amount, led by Redpoint Ventures, brings its total to date to $200 million. Santera supplies next-generation switching solutions, a telecom infrastructure market valued at about $40 billion a year, a Redpoint spokesman says.
Metromedia Fiber Network Inc. issued a progress report on its contingency-heavy financing circle. The company today says it has secured $150 million in financing, from Citigroup and others, for a total of $330 million in commitments, including $180 million already promised. Under the most recent commitment letter, Citicorp would commit to purchasing $62.
Suzhou Cable TV of China will use subscriber management systems platforms from Redback Networks Inc. in Suzhou's broadband rollout. Redback says the SMS platform will use Suzhou's existing provisioning, accounting and management control systems to manage its subscribers, but speed time-to-market for new connection services.
A day after it announced its Interactive Video unit and new cable chief, AOL Time Warner says it's created the AOL Time Warner Global Marketing Solutions Group, headed by Myer Berlow. The unit will oversee development and rollout of the company's cross-platform advertising and marketing programs. The Interactive Video unit, announced yesterday, is intended to drive such initiatives as Time Warn...
Spooked by the slew of negative news from MSOs and their filings, Scientific-Atlanta withdrew its guidance for its first quarter and year 2002 results. MSO results show that while the total number of digital subscribers increased, most MSOs showed a decline in the net new digital subscribers added in the first quarter and beyond.
Lucent Technologies' creditors OK'd its restructuring terms, allowing it to reorganize, including taking a fourth-quarter $7 billion to $9 billion restructuring charge. Much had hinged on the approval. According to the terms of a $4 billion loan agreement earlier this year, Lucent would keep its net worth above $23 billion and could not take more than $4 billion in restructuring charges.
Liberate Technologiesteamed with SurfControl on technology that allows parental control over ITV content. Under the deal, SurfControl's Internet filtering engine will be integrated with Liberate's TV platform software. The result means a primary user can edit and change the parental control level of the system.
C-COR.net lost $6.23 million on net sales of $38.8 million in the fourth quarter and showed a $7.65 million net loss for the year. It also split itself into three separately located and run broadband units. In Q4, C-COR.net showed a loss from operations of $8.82 million, or 20 cents a share, compared with $6.
Covad Communications Group Inc. fulfilled its Aug. 7 announcement, and filed for Chapter 11 bankruptcy by its self-imposed deadline. The move is part of Covad's pre-negotiated plan to eliminate its $1.4 billion debt and ensure all bondholders adhere to a debt repurchase agreement, pending court approval.
More than 18.2 million digital set-top boxes worldwide carried OpenTV's middleware as of June 30, and 2.2 million in the second quarter, the company reports. The quarterly number is up 47 percent over the same period last year, when the deployments reached 1.5 million, including digital cable, digital satellite and digital terrestrial networks.
Newly independent Liberty Media saw its second-quarter revenue rise by 34 percent, but reports a net loss of $2.13 billion, or 82 cents a share. The company, which split from AT&T last week, also expects to acquire a 100 percent interest in six of Deutsche Telekom's nine cable TV companies sometime in the next few weeks.
Metromedia Fiber Networks Inc.'s contingency-heavy commitment from Citicorp ran out today with no resolution on the hoped-for financing. The company also reported a second-quarter net loss of $205 million, or 34 cents a share, although its $91.7 million in revenue exceeded its guidance. MFN on Aug. 1 had announced a two-week extension on a commitment letter from Citicorp, which would ensure $62.
Texas Instruments launched one strategic alliance and expanded another. LightPointe will use TI's analog micro electro-mechanical system and digital signal processing technology in its Flight free-space-optics products. LightPointe says it's using the optical technology to develop a next-generation tracking system for customers' high-speed networks.
A Novo Broadband Inc. agreed to buy Broadband Services Inc.'s repair business for about $8 million, expecting the deal to generate $10 million in revenue by the end of FY 2002. The company also showed a third-quarter net loss of $613,542 on revenue of $3 million. A Novo says it will pay $8 million in cash and assumed liabilities for BSI, resulting in $10 million in incremental broadband equipme...