KPNQwest liquidators reportedly have approved a plan to keep the bankrupt telecom up and running for the rest of the month. Last month, KPNQwest filed for protection form creditors. The decision followed the resignation of its five-member supervisory board. The European fiber-optic network owner had said that it may seek bankruptcy protection if an agreement with its senior bank group cannot be...
Copyright 2002 Reed Elsevier Inc. Daily Variety…06/12/2002 From LexisNexis WASHINGTON — You have one month — July 15 to be precise. That's the deadline Rep. W.J. "Billy" Tauzin (R-La.) gave Hollywood studios, the computer biz and consumer electronics makers on Tuesday to work out their remaining differences and settle on a way to stop digital TV from being hooked up to the Int...
It is becoming another busy week for beleaguered Adelphia Communications Corp., and it is only Tuesday. Adelphia's Century Communications unit filed for bankruptcy protection; Leonard Tow and Scott Schneider have resigned their seats on Adelphia's board; and the MSO fired its accountant. Seen by many in the industry as a foreshadowing event for Adelphia, its Century Communications subsidiary fi...
The telecom industry is obviously not out of the woods yet, as evidenced by the news of Liberate Technologies Inc.'s and Nokia's plans to lower their quarterly outlooks. Liberate Technologies Interactive software maker Liberate said sales in the fourth quarter will fall shy of expectations. The company lowered its Q4 revenue guidance from between $25 million and $25.
Content aggregator TVN Entertainment is continuing its charge in the VOD market. The latest: TVN has snagged a contract with The Erotic Networks. Although financial terms were not disclosed, TVN will handle all of the adult channel's VOD needs linked to programming, transport and asset management via TVN components such as its proprietary ADONISS platform.
Online entertainment company IFILM and Terra Lycos have teamed to beef up streaming media content to attract broadband users. Premium movie content from Lycos Entertainment will be combined with IFILM's 80,000 short films, movie clips, trailers and viral videos — outrageous e-mail attachments users can forward to friends to enhance the offering of Lycos Entertainment Television.
Telecommunications-network equipment builder Viatel Holding Ltd. has done something many of its competitors have failed to do — emerge from Chapter 11 bankruptcy protection. Viatel filed for Chapter 11 bankruptcy protection in May 2001, and for the last 13 months has been working on its restructuring plan.
Copyright 2002 M2 Communications Ltd. TELECOMWORLDWIRE…06/11/2002 From LexisNexis The Norwegian telecom operator Telenor ASA said yesterday that it had started work across the country to upgrade 20 telephone exchanges to support ADSL technology. Once upgraded 30,000 more people will gain access to ADSL and thus broadband Internet connection.
Video-on-demand vendor Concurrent Computer Corp. is sufficiently insulated from the ongoing VOD patent war being waged between nCUBE Corp. and SeaChange International, a Concurrent executive said. That's because Concurrent, back in March of this year, became a shareholder in London-based Thirdspace Living Ltd.
Comcast Cable Communications and AT&T Broadband have said they are dealing with the recall of some of Motorola Inc.'s DCT-2000 digital set-top boxes in stride. On Friday, Motorola announced it was recalling a small percentage of its DCT-2000 boxes manufactured between March 1 and May 31 this year due to a mechanical defect in the power plug.
Dave Robinson has announced plans to step down as the head honcho of Motorola Broadband Communications Sector, Dan Moloney will take up the post. After nearly two decades with Motorola and General Instrument, Robinson is leaving his positions president of the broadband communications group and as executive vice president of Motorola Inc.
Copyright 2002 The Deal L.L.C. The Daily Deal…06/10/2002 From LexisNexis An investment group fronted by Theodore Forstmann is trying to get out of its $800 million offer to recapitalize XO Communications Inc. But the troubled broadband provider is not going to let Forstmann walk away that easily.
Copyright 2002 Securities Data Publishing Private Equity Week…06/10/2002 From LexisNexis Growing quietly under the radar screen, Speakeasy started out as an Internet cafe in 1994. Since then the Seattle-based company has transformed itself into a broadband service provider and is expected to announce today that it has secured $6 million in fresh capital.
CommScope Inc. has looked into the crystal ball and without new revenue from Adelphia Communications Corp. coming in, the broadband coaxial cable maker is being forced to lower its second-quarter outlook. The company now expects to post second-quarter sales in the range of $150 million to $160 million.
Sprint has become the latest telecom company to be hit with a rating downgrade from Moody's Investors Service. The recent cut puts Sprint's credit rating one notch above "junk" status. On Friday, Moody's cut Sprint's senior unsecured long-term rating from Baa2 to Baa3 — a notch above junk. The downgrade, which affected roughly $22 billion of debt, was sparked by Moody's view that Sprint w...