Rcn Corp

RCN Corp., which provides Internet, phone and cable services on the East and West coasts, pushed into the Midwest as it agreed to acquire closely held 21st Century Telecom Group Inc. of Chicago for about $260 million in stock. The deal will extend the reach of RCN's fiber-optic networks to 3.1 million Chicago-area homes. Under the deal, 21st Century shareholders will receive about 4.7 million RCN shares and an offer to exchange 21st Century preferred stock for 62 million RCN shares.

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.

Signaling new competition that could translate into lower prices for consumers, RCN Corp. is negotiating with the city of Los Angeles for the right to build a high-capacity fiber-optic network to compete against cable operators, phone companies and Internet service providers, the company said Tuesday. The network is the most ambitious proposal yet in Southern California for duplicating cable's residential telecommunications system--and would be a first for Los Angeles.

* 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.

* 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.

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.

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.

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.

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.

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.

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.

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.

Signaling new competition that could translate into lower prices for consumers, RCN Corp. is negotiating with the city of Los Angeles for the right to build a high-capacity fiber-optic network to compete against cable operators, phone companies and Internet service providers, the company said Tuesday. The network is the most ambitious proposal yet in Southern California for duplicating cable's residential telecommunications system--and would be a first for Los Angeles.

RCN Corp., which provides Internet, phone and cable services on the East and West coasts, pushed into the Midwest as it agreed to acquire closely held 21st Century Telecom Group Inc. of Chicago for about $260 million in stock. The deal will extend the reach of RCN's fiber-optic networks to 3.1 million Chicago-area homes. Under the deal, 21st Century shareholders will receive about 4.7 million RCN shares and an offer to exchange 21st Century preferred stock for 62 million RCN shares.