June 3, 2003 |
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.
February 1, 2002 |
McLeodUSA Inc., a local telephone and Internet service company backed by buyout firm Forstmann Little & Co., filed a prepackaged bankruptcy plan that wipes out $3.3 billion in debt and gives Forstmann control. Forstmann Little will invest an additional $175 million in the firm and get a 58% stake. The firm and its senior partner, Theodore Forstmann, have sunk more than $2 billion in McLeodUSA and in money-losing rival XO Communications Inc.
April 22, 2003 |
Platinum Equity, a private Los Angeles buyout firm headed by financier Tom Gores, said telecommunications veteran Michael S. Ruley has been hired as president and chief executive of its telecom subsidiary, NextiraOne. Ruley, 43, a former president of market sales at XO Communications Inc., succeeds Robert J. Wentworth, a Platinum executive who helped form NextiraOne in 2001. Wentworth will resume his Platinum post as executive vice president for strategic investments.
July 1, 2003 |
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.
March 9, 2002 |
XO Communications Inc., a local phone company that has seen its value decline to $40 million from $20 billion, is the object of a tussle between investors Carl C. Icahn and Theodore J. Forstmann. Icahn said he and two other investors, whom he declined to identify, owned more than one-quarter of XO debt and were opposed to a plan put forward by Forstmann to replace those bonds with stock and cash.
March 30, 2002 |
XO Communications Inc., a money-losing telecommunications company, said it is considering a $500-million bid by financier Carl Icahn for 50% of the company and it may file for bankruptcy protection "in the very near future." The Reston, Va.-based company on March 11 rejected a takeover proposal from bondholders led by the financier. It said it planned to implement a competing plan from buyout firm Forstmann Little & Co.
October 15, 2002 |
XO Communications Inc. said Forstmann Little & Co. and Telefonos de Mexico aborted an agreement to invest $800 million, clearing the way for Carl Icahn to gain control of the telephone service provider. Forstmann Little and Telmex each will pay XO $12.5 million, and the three companies will forgo any legal claims related to the abandoned investment agreement. The accord ends a struggle for control of XO between Icahn and Theodore J.
March 30, 2001 |
After a last-ditch fund-raising effort fell apart, bankrupt NorthPoint Communications Inc. late Wednesday began shutting down its high-speed Internet network, cutting off service to tens of thousands of customers nationwide. Emeryville, Calif.-based NorthPoint and its bankers rejected an offer from a coalition of Internet service providers to fund NorthPoint's network operations until users could be shifted to other carriers. More than 100,000 U.S.
August 27, 2002 |
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.
November 9, 2000 |
Winstar Communications Inc. said Wednesday it will receive $1.02 billion in new capital, a quarter of which is an equity investment from Microsoft Corp., Compaq Computer Corp. and others. The investment helped send shares of the wireless phone and data company up 14%. Microsoft, Compaq, CSFB Private Equity and investment company Welsh, Carson, Anderson & Stowe will provide $270 million. An additional $750 million will be borrowed from banks and suppliers, Winstar spokesman Kevin Cavanaugh said.