November 27, 2002 |
Metromedia International Group Inc. said it informed the Justice Department and the Securities and Exchange Commission that some personnel engaged in conduct that may have violated U.S. and foreign laws. Metromedia, a telephone and cable system operator, said the conduct involved former states of the former Soviet Union. The activity may have violated the Foreign Corrupt Practices Act, Metromedia said, without providing details.
May 21, 2002 |
Metromedia Fiber Network Inc. filed the second-largest bankruptcy in the telecommunications industry, which has been slammed by falling prices, slack demand and stiff competition. The company has debt of about $3.3 billion. Metromedia Fiber, which is backed by Verizon Communications Inc. and other wealthy investors, said it will continue to operate during its Chapter 11 bankruptcy restructuring.
May 17, 2002 |
Metromedia Fiber Network Inc., the fiber-optic network operator, said it delayed filing its quarterly earnings statement with U.S. regulators and missed an interest payment on its debt. Metromedia said it didn't pay about $32 million of interest due Wednesday on $650 million of 10% senior notes. The White Plains, N.Y.-based company will default on the notes if it doesn't make the payment within a 30-day grace period. Metromedia shares rose less than 1 cent to 5 cents on Nasdaq.
April 17, 2002 |
Metromedia Fiber Network Inc. defaulted on a $30-million debt interest payment to Verizon Communications Inc., the second missed payment this month by the data cable owner controlled by billionaire John Kluge. The provider of links for Internet companies including AOL Time Warner Inc. averted bankruptcy last year by securing $611 million of financing, which included a $150-million note from Citigroup Inc. and a $230-million note convertible into stock.
April 8, 2002 |
Metromedia Fiber Network Inc. said Sunday that Verizon Global Networks and Genuity Solutions terminated their fiber-optic agreements with the company. In a news release, Metromedia said Verizon Global has paid $235million under a $350-million contract to lease fiber-optic capacity. Genuity Solutions already had paid $140 million of a similar contract worth $200 million. Officials at parent companies Verizon Communications Inc. and Genuity Inc.
March 19, 2002 |
Metromedia Fiber Network Inc. said Monday that it might be forced to seek bankruptcy protection if it can't restructure its debts. The New York-based company, which builds fiber-optic networks in cities, also said it may default on notes held by Verizon Communications and intends to defer payment of about $30 million in interest that was due Friday on $975million of convertible notes issued to Verizon.