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Daily news and top headlines for broadband communications engineering and design professionals
Bail at $900,000 each in Lucent case
May 14, 2001 8:00 pm | by Anne Kerven | CommentsThree defendants charged with conspiring to steal trade secrets from Lucent Technologies had bail set at $900,000 each in a U.S. District Court yesterday. If the three meet bail and are released, U.S. Magistrate Stanley Chesler ordered them into home detention, and the trio and their wives would have to relinquish their passports, according to the U.
Teligent gets reprieve 'til May 21
May 14, 2001 8:00 pm | by Anne Kerven | CommentsTeligent was granted another loan extension, this time until May 21. Originally due April 30, the loan's first extension expired today. The waivers concern vendor financing of at least $250 million and $100 million in convertible notes. "The company is currently in negotiations with The Chase Manhattan Bank and other lenders under the credit agreement regarding its financial position," Teligent...
Nortel launches CEO search; COO quits
May 13, 2001 8:00 pm | by Anne Kerven | CommentsNortel Networks Corp. is stepping up its search for a new CEO, after its present chief gave a definite retirement date and its COO will leave for medical reasons. President and CEO John Roth will leave in April 2002, Nortel announced, and Clarence J. Chandran, already on medical leave from surgery, resigned effective immediately.
Teligent trading suspended; loan deadline looms
May 13, 2001 8:00 pm | by Anne Kerven | CommentsTeligent Inc. laid off 900 workers and its trading on NASDAQ was suspended on Friday. The troubled company also faces a loan extension deadline tomorrow, and will be in default on its loans if that's not met. The company also is waiting to hear back from NASDAQ regarding a hearing Teligent requested earlier this month after it was threatened with delisting.
Judge approves Winstar financing
May 13, 2001 8:00 pm | by Anne Kerven | CommentsA District Court approved terms of Winstar Communications Inc.'s DIP financing. The financing has an initial availability of up to $75 million, which potentially could reach $300 million if certain conditions are satisfied, Winstar reports. The financing, approved in the U.S. Bankruptcy Court for the District of Delaware, will be used to fund ongoing business operations.
Charter sells bonds to fund cable system swap
May 10, 2001 8:00 pm | by Anne Kerven | CommentsCharter Communications Inc. is selling $350 million in bonds, the proceeds of which will fund the cash portion of a cable systems swap with AT&T Broadband, with the remaining portions used for working capital. Charter is the third company recently to complete such a swap with AT&T. The sale, by Charter subsidiaries Charter Communications Holdings LLC and Charter Communications Holdings ...
Teligent to cut jobs and file?
May 10, 2001 8:00 pm | by Anne Kerven | CommentsTeligent may announce today a 900-worker layoff, or 38 percent of its workforce, and potentially file for bankruptcy on Monday, Reuters reports. The troubled company may also shut down a third of its wireless network in the next few months. Teligent recently ousted its CEO after IDT bought Liberty Media's 34 percent stake in it, was threatened with delisting, and received a May 15 loan reprieve...
Covad sets another date with SEC
May 10, 2001 8:00 pm | by Anne Kerven | CommentsCovad Communications says it expects to file its 10-K and 2000 financial results the week of May 21. On April 30, when bondholders sent Covad a letter reminding it of its fiduciary responsibilities, Covad told CEDaily it expected to file its already late 10-K the week of May 7. On April 4, the company announced it would be late filing its annual report with the SEC, citing complex accounting is...
Lucent case hearings set for Monday; Datang issues denial
May 9, 2001 8:00 pm | by Anne Kerven | CommentsBail hearings for three defendants charged last week with stealing trade secrets from Lucent Technologies will be held Monday, the U.S. District Attorney's Office in the District of New Jersey reports. The hearings originally were scheduled for earlier this week. The hearings will be before U.S. Magistrate Judge Stanley R.
Judge postpones Winstar funding
May 9, 2001 8:00 pm | by Anne Kerven | CommentsWinstar Communications Inc.'s request for a approval of a $300 million credit line was turned down by a federal judge. The funds would go toward financing the company's operations during bankruptcy. The judge only postponed the ruling until the company works out technical details of the bankruptcy, Winstar spokesman Peter Duda told CEDaily.
Tauzin-Dingell bill passes committee
May 9, 2001 8:00 pm | by Anne Kerven | CommentsCall it what you want, but the Internet Freedom and Broadband Deployment Act of 2001 passed the House Energy and Commerce Committee 32-23 yesterday, with substitute amendments, and will now go to the House floor. "It's still the Broadband Derailment Act of 2001," said CompTel President H. Russell Frisby Jr.
TVN/Cogeco tap Concurrent's back-office system
May 9, 2001 8:00 pm | by Anne Kerven | CommentsConcurrent Computer Corp. tested and passed TVN's Digital Content Express for use with the MediaHawk Model 2000 video server. Digital Content Express includes such services as content acquisition, encoding, transmission and receipt, forward error-correction, and subsequent manipulation of MPEG-2 and related metadata files for commercial VOD deployments.
SCTE gives annual roundup; names new officers
May 8, 2001 8:00 pm | by Anne Kerven | CommentsSCTE members can release the collective breath they've been holding: Says finance committee chief Don Shackelford, "I checked our banks accounts before I came in here and we do have enough money to cover this event." Tongue-in-cheek aside, Shackelford, Region 8 director, spoke to the annual membership meeting at the Cable-Tec show in Orlando, where SCTE also announced its new officers.
NCTA chief speaks on proposed ITV regs
May 8, 2001 8:00 pm | by Anne Kerven | Comments"There are those, for commercial reasons of their own, who want the government to regulate interactive television before it's ever launched, and it's a bit disconcerting that they have gotten as far as an FCC Notice of Inquiry," NCTA President and CEO Robert Sachs told engineers at the Cable-Tec Expo in Orlando.
HSA/TWC agree on Net service
May 8, 2001 8:00 pm | by Anne Kerven | CommentsHigh Speed Access Corp. agreed to provide its high-speed Internet access service over Time Warner Cable 's systems. No word yet on the dollars involved, but rollout is expected by the end of this year. Dates depend upon TWC's modification of its systems to accommodate multiple ISPs. "Phase one would encompass 20 of Time Warner Cable's divisions," HSA VP of communications Andy Holdgate told CEDa...
