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BUSINESS
December 28, 2002 | From Bloomberg News
XO Communications Inc. said Chairman Daniel F. Akerson will resign after the seller of business-phone and Internet services emerges from bankruptcy protection, allowing financier Carl Icahn to pick a new leader. Akerson, who has been XO's chairman and chief executive since September 1999, wants to "pursue other business interests and spend more time with his family," XO said. The company didn't name a replacement for Akerson, who plans to work with XO as a consultant after the restructuring.
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BUSINESS
November 5, 2005
* Aleris International Inc., a maker of aluminum sheets from recycled metal, said it would stop work next year at a plant in Carson where it employs 163 workers. * Time Warner Inc. may have its long-term credit rating cut by Moody's Investors Service after announcing plans to increase its debt relative to profit. The three biggest ratings companies now are considering downgrading Time Warner's debt. * Microsoft Corp.
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BUSINESS
June 25, 2003 | From Bloomberg News
Carl Icahn's XO Communications Inc. raised to $495 million its offer to buy debt held by bank lenders to Global Crossing Ltd. in a bid to win control of the bankrupt network operator and scuttle a previous sale agreement. XO wants Global Crossing's 100,000-mile fiber optic network for sending phone calls and data at high speeds and has said it also would pay $700 million for the company's assets. Global Crossing and its bondholders had agreed to sell a 61.
BUSINESS
July 1, 2003 | From Bloomberg News
Carl Icahn's XO Communications Inc., a telecommunications company, said it now owns about $790 million of Global Crossing Ltd. bank debt as part of a plan to acquire the fiber-optic network operator. XO, based in Reston, Va., said it bought $495 million of the $2.21 billion in outstanding loans in a tender offer, adding to the $294 million it already owned. The company said it paid 22 cents on the dollar in the tender offer.
BUSINESS
August 13, 2002 | Bloomberg News
Carl C. Icahn's High River Limited Partnership boosted its offer to buy as much as $331 million of the senior secured loans of XO Communications Inc., a telephone and Internet service provider that filed for bankruptcy protection earlier this year. High River said it will pay 70 cents on the dollar for the loans, an offer that expires Friday. XO, which was founded by Craig McCaw, filed for Chapter 11 bankruptcy protection in June.
BUSINESS
November 5, 2005
* Aleris International Inc., a maker of aluminum sheets from recycled metal, said it would stop work next year at a plant in Carson where it employs 163 workers. * Time Warner Inc. may have its long-term credit rating cut by Moody's Investors Service after announcing plans to increase its debt relative to profit. The three biggest ratings companies now are considering downgrading Time Warner's debt. * Microsoft Corp.
BUSINESS
June 13, 2003 | From Bloomberg News
Carl Icahn's XO Communications Inc. said it might offer $700 million in cash for Global Crossing Ltd. after an initial offer, which included notes and warrants, was spurned by creditors of the ailing optical network operator. XO said it also might offer $472.5 million for the company's bank debt, on the condition Global Crossing cancels an agreement to sell control to Singapore Technologies Telemedia.
BUSINESS
June 27, 2003 | From Reuters
XO Communications Inc., ratcheting up the bidding war for Global Crossing Ltd., offered $200 million to Global bondholders to get them to back its bid for the company, sources familiar with the situation said. XO, a regional telephone company looking to expand globally, is adding the $200 million to its existing $495-million bid for Global Crossing's bank debt. Global Crossing, which filed for Bankruptcy Court protection in January 2002, previously agreed to sell a 61.
BUSINESS
June 3, 2003 | From Reuters
Singapore Technologies Telemedia has a binding contract to buy Global Crossing Ltd. that forbids the telecom firm, which is in bankruptcy proceedings, from considering an offer from investor Carl Icahn, a source close to the deal said. Billionaire Icahn's U.S.-based XO Communications Inc. said Friday that it offered more than $700 million to buy Global Crossing. That compares with the $250 million that state-controlled telecom group ST Telemedia has agreed to pay for a 61.5% stake in the U.S.
BUSINESS
July 1, 2003 | From Bloomberg News
Carl Icahn's XO Communications Inc., a telecommunications company, said it now owns about $790 million of Global Crossing Ltd. bank debt as part of a plan to acquire the fiber-optic network operator. XO, based in Reston, Va., said it bought $495 million of the $2.21 billion in outstanding loans in a tender offer, adding to the $294 million it already owned. The company said it paid 22 cents on the dollar in the tender offer.
BUSINESS
June 27, 2003 | From Reuters
XO Communications Inc., ratcheting up the bidding war for Global Crossing Ltd., offered $200 million to Global bondholders to get them to back its bid for the company, sources familiar with the situation said. XO, a regional telephone company looking to expand globally, is adding the $200 million to its existing $495-million bid for Global Crossing's bank debt. Global Crossing, which filed for Bankruptcy Court protection in January 2002, previously agreed to sell a 61.
BUSINESS
June 25, 2003 | From Bloomberg News
Carl Icahn's XO Communications Inc. raised to $495 million its offer to buy debt held by bank lenders to Global Crossing Ltd. in a bid to win control of the bankrupt network operator and scuttle a previous sale agreement. XO wants Global Crossing's 100,000-mile fiber optic network for sending phone calls and data at high speeds and has said it also would pay $700 million for the company's assets. Global Crossing and its bondholders had agreed to sell a 61.
BUSINESS
June 13, 2003 | From Bloomberg News
Carl Icahn's XO Communications Inc. said it might offer $700 million in cash for Global Crossing Ltd. after an initial offer, which included notes and warrants, was spurned by creditors of the ailing optical network operator. XO said it also might offer $472.5 million for the company's bank debt, on the condition Global Crossing cancels an agreement to sell control to Singapore Technologies Telemedia.
BUSINESS
June 3, 2003 | From Reuters
Singapore Technologies Telemedia has a binding contract to buy Global Crossing Ltd. that forbids the telecom firm, which is in bankruptcy proceedings, from considering an offer from investor Carl Icahn, a source close to the deal said. Billionaire Icahn's U.S.-based XO Communications Inc. said Friday that it offered more than $700 million to buy Global Crossing. That compares with the $250 million that state-controlled telecom group ST Telemedia has agreed to pay for a 61.5% stake in the U.S.
BUSINESS
May 31, 2003 | James F. Peltz, Times Staff Writer
Billionaire buyout artist Carl Icahn made a bid Friday for one of the battered telecommunications sector's biggest casualties: Global Crossing Ltd. XO Communications Inc., which emerged from bankruptcy proceedings in January after Icahn acquired control, said it offered $700 million for the fiber optic network provider, whose lavish former offices in Beverly Hills epitomized the excesses of the technology boom.
BUSINESS
December 28, 2002 | From Bloomberg News
XO Communications Inc. said Chairman Daniel F. Akerson will resign after the seller of business-phone and Internet services emerges from bankruptcy protection, allowing financier Carl Icahn to pick a new leader. Akerson, who has been XO's chairman and chief executive since September 1999, wants to "pursue other business interests and spend more time with his family," XO said. The company didn't name a replacement for Akerson, who plans to work with XO as a consultant after the restructuring.
BUSINESS
August 27, 2002 | Associated Press
A federal bankruptcy judge approved a restructuring plan for XO Communications Inc. that requires an $800-million investment from two firms that had been trying to back out of the deal. Investment firm Forstmann Little and the Mexican telephone company Telmex had agreed last year to provide $400 million each to XO in a bankruptcy reorganization in return for an 80% stake in the reorganized company.
BUSINESS
November 30, 2001 | From Bloomberg News
XO Communications Inc., a telecommunications company with more than $2 billion in losses in the last year, agreed Thursday to a takeover by Forstmann Little & Co. and Telefonos de Mexico to avoid bankruptcy. The company's shares fell 22% after it said the takeover by Theodore Forstmann's leveraged-buyout firm, which had invested more than $1.2 billion in the company, and Telmex will wipe out the value of most shares.
BUSINESS
August 27, 2002 | Associated Press
A federal bankruptcy judge approved a restructuring plan for XO Communications Inc. that requires an $800-million investment from two firms that had been trying to back out of the deal. Investment firm Forstmann Little and the Mexican telephone company Telmex had agreed last year to provide $400 million each to XO in a bankruptcy reorganization in return for an 80% stake in the reorganized company.
BUSINESS
August 13, 2002 | Bloomberg News
Carl C. Icahn's High River Limited Partnership boosted its offer to buy as much as $331 million of the senior secured loans of XO Communications Inc., a telephone and Internet service provider that filed for bankruptcy protection earlier this year. High River said it will pay 70 cents on the dollar for the loans, an offer that expires Friday. XO, which was founded by Craig McCaw, filed for Chapter 11 bankruptcy protection in June.
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