After weighing all its options, Birch Telecom has opted to seek creditor protection under the shroud of a Chapter 11 bankruptcy filing, while it works to trim its debt to $100 million. The CLEC had first raised the possibility of a bankruptcy filing back in December. At that time, the company said it was "actively engaged in discussions with its senior lenders regarding a possible restructuring...
Less than a week after a class action lawsuit was filed against metro networker Riverstone Networks Inc., the company is being sued again. The class action lawsuit claims the company and certain senior officers deceived investors by falsely representing Riverstone's financial condition and prospects in public statements.
The hits just keep on coming at WorldCom Inc. The latest: the company's securities have been delisted from the Nasdaq. The Nasdaq Listing Qualification Panel has decided that in light of WorldCom's recently bankruptcy filing and the pending restatement of financial results for 2001 and the first quarter 2002 the company's securities would be delisted today.
Copyright 2002 The Deal L.L.C. The Daily Deal…07/30/2002 From LexisNexis Germany's Deutsche Telekom AG said Monday it is in talks with five international groups interested in buying its six remaining regional cable operators. The Bonn-based company said it selected the five from nine nonbinding offers that were submitted last week.
"Won't you tell me how to get, how to get to Sesame Street?" Now parents can plop their kids down in front of the television any time of day, and find something educational for them to watch. Big Bird, Elmo and the rest of the gang are skipping into the digital age through a video-on-demand deal with Intertainer.
After abandoning Sprint ION, Sprint is looking to double its potential market coverage for business-class DSL, and is turning to Covad Communications to make it happen. The duo has inked a third-party wholesale agreement in which Sprint will purchase wholesale DSL services from Covad for sale to its business-class customers in select markets.
Shares of Qwest Communications International Inc. were taking a beating today, following news that the company plans to restate earnings for 1999, 2000 and 2001. Qwest said it improperly accounted for about $1.1 billion in optical capacity sales from 1999 through 2001. The company is in the midst of examining its accounting practices and procedures and may have to restate all optical capacity s...
Marking the third loss for Gemstar-TV Guide International in about a month, a U.S. District Court judge in North Carolina has ruled that EchoStar Communications Corp. did not infringe on any of the Gemstar patents involved in this particular case. Judge Lacy Thornburg dismissed the case and awarded court costs to EchoStar.
Williams Communications Group Inc. inched closed to emerging from Chapter 11 with a multi-million dollar investment from Leucadia National Corp. The deal calls for Leucadia to make a $150 million investment to help Williams repay mounting bank debt. Leucadia also will fork over $180 million for Williams' former parent Williams Companies' rights in Williams Communications Group.
Although members of technology companies, consumer electronics manufacturers and motion-picture studios have put their heads together to develop a new standard to prevent digital television broadcasts from being spread over the Internet, the results the entertainment industry wants may come from Congress.
Richard Prodan has left Terayon Communications to join Broadcom Corp. as the chipmaker's new vice president and chief scientist, broadband communications. The move could become significant for Broadcom in its development of technology based on DOCSIS 2.0, a new CableLabs specification designed to mitigate noise and dilate cable's high-speed return path.
Liberty Media subsidiary Starz Encore Group has selected N2 Broadband Inc.'s MediaPath technology to deliver subscription video-on-demand services to US cable operators. The MediaPath content distribution system is designed to provide secure point-to-multipoint delivery of on-demand content to cable system headends.
Eagle Broadband is marching full-speed ahead with its fiber-to-the-home initiative. Texas' Victory Lakes master-planned community will be the company's first all IP-based community. Eagle Broadband has completed its basic FTTH installation and is getting started on the delivery of Bundled Digital Services to the community, which sits 30 miles south of Houston.
Metro networker Riverstone Networks is the subject of a class action lawsuit filed in a California court yesterday. The suit, filed in the U.S. District Court for the Northern District of California, alleges Riverstone issued a series of false and misleading statements concerning the company's financial condition and sales.
It doesn't seem that long ago that European operators were shelling out billions for next-generation wireless licenses, in hopes of becoming the top dog in the 3G market. With the economy lagging, however, reality is starting to set in, leaving some companies to reevaluate their commitment to 3G. Finland's Sonera and Spain's Telefonica have decided to put their 3G network plans hold.