May 4, 2004
* Drug maker Schering-Plough Corp., whose Medicaid billing is being probed by 10 states, agreed to pay Texas $27 million to settle an investigation into reimbursements for asthma inhalers. * RCN Corp., a cable company whose investors include billionaire Paul Allen, said it expected to file for bankruptcy protection as part of a plan to restructure its debt.
May 28, 2004 |
RCN Corp., a telecommunications upstart that packages phone, Internet and cable service but has been shedding assets and employees, filed for Chapter 11 bankruptcy protection and said it had support from creditors for a restructuring plan. The company's troubles stem from poor timing and its expensive decision to challenge telecom and cable giants such as Verizon Communications Inc. and Comcast Corp. by building its own network. The Princeton, N.J.-based company said the filing, in U.S.
August 8, 2002 |
RCN Corp. said its second-quarter loss widened as the provider of cable TV, telephone and Internet services backed by billionaire Paul Allen had $892.3 million in asset impairment and other costs. Shares in the company fell 10%. The net loss widened to $1.05 billion, or $10.46 a share, from $676.9 million, or $7.38, a year earlier. Per-share amounts reflect the payment of preferred dividends. Sales rose 15% to $128 million from $111 million. RCN shares fell 14 cents to $1.25 in Nasdaq trading.
January 6, 2000 |
RCN Corp., which is building a fiber-optic network to compete with phone companies, cable operators and Internet service providers, said Wednesday that it has entered into a deal to use Southern California Edison's existing fiber-optic lines to speed its entry into Southern California.
July 16, 2001 |
Most cities would be thrilled to see the arrival of a new cable company that promised to invest millions in the community and bring sorely needed competition to the local monopoly. In Philadelphia, city leaders ran such a would-be rival out of town. When RCN Corp., a New Jersey-based cable and telephone venture backed partly by Microsoft Corp.