Winstar gets final DIP OK; starts employee retention program
A bankruptcy court gave final approval to increase availability of Winstar Communications Inc.'s DIP financing to $225 million, the company says. About $175 million is "syndicated" to Winstar's bank group.
That and other funding from several of its telecom services providers means Winstar will have the liquidity it needs to finance operations until it's out of bankruptcy, it reports. The company filed for bankruptcy in mid-April.
Winstar also launched an employee retention program that's court-approved and appointed Paul A. Street of Impala Partners LLC as chief restructuring officer.
HTVN to air over TWC in seven new sites
Time Warner Cable will air Hispanic Television Network Inc. programming on its systems in seven new cities in three states. The launch will occur in the next eight weeks and is separate from other systems that might launch HTVN programming in that period, HTVN reports.
The systems allow HTVN to reach more than 891,000 subscribers, and expand in the California and Texas markets, including Austin, Texas; and Bakersfield, Chatsworth, Orange County, Palm Desert and South Bay, Calif. The launch also includes Kansas City, Kan.
Programming will include news, entertainment and sports per a separate deal with CNI Canal 40 in Mexico City.
Marconi taps Concurrent for VOD system
Marconi Plc will use Concurrent Computer Corp.'s MediaHawk VOD system for its demo and sales centers worldwide, Concurrent says. The company has initially purchased 11 video servers from Concurrent for its European and Asia offices, and will buy more for other locations.
Under the deal, Marconi will use the MediaHawk video server as its standard platform when demonstrating its products, which route MPEG-1 and MP-G 2 video over ATM or xDSL networks.