September 29, 2001 |
Excite@Home Corp., the leading provider of high-speed Internet access over cable television lines, said Friday that it will sell its broadband business to AT&T Corp. for $307 million in cash and filed for bankruptcy protection. Under the agreement, the once-highflying company's network would become a part of AT&T, which already has a controlling interest in Excite@Home. The deal is subject to a bankruptcy judge's approval.
September 26, 2001 |
Excite@Home Corp., the troubled Internet content and high-speed service provider, said it would cut 25% of its staff and close some operations to save costs as it looks for a way to survive. The company, which is controlled by AT&T Corp. and has been struggling under mounting debt and sagging revenue, said it will close its MatchLogic interactive marketing subsidiary and "refine" the Excite.com portal. The planned layoffs, amounting to 500 jobs, will be made over the next three months, it said.
September 1, 2001 |
Bad news continued to mount Friday for cash-strapped Excite@Home Corp., as two key cable partners said they will stop selling the company's high-speed Internet service by June. The move by Cox Communications Inc. and Comcast Corp. is another in a string of blows to Excite@Home, which has been teetering on the brink of bankruptcy for much of the summer.
August 28, 2001 |
The outlook for Internet access provider Excite@Home Corp. dimmed further Monday when the company received demands that it must repay $50 million by Friday. Excite@Home, which has little cash left and $1 billion in debt, said it was contesting that demand, but added that if it is forced to repay, it could have a "materially adverse" effect on its liquidity and ability to fund operations. Shares of Excite@Home, formally At Home Corp., fell 11 cents, or 22%, to close at 39 cents on Nasdaq.
August 23, 2001 |
Internet service provider Excite@Home said Wednesday that it fired the independent auditor that raised questions about its prospects for staying in business. The company, however, said the move was planned months ago. Auditors from Ernst & Young said in a report filed Monday with the Securities and Exchange Commission that money-losing Excite@Home, formally called At Home Corp., faces a risk of collapse unless it obtains a substantial cash infusion.
August 18, 2001 |
At Home Corp. (ATHM), the biggest provider of Internet service over cable television lines, is at risk of having its stock delisted from Nasdaq and its cash wiped out, Merrill Lynch & Co. analyst Henry Blodget wrote in a report. At Home's shares, which fell10 cents to close at 87 cents on Friday, are below requirements for Nasdaq-listed companies, At Home said this week in a Securities and Exchange Commission filing.