RCN Emerges From Bankruptcy
by Mike Farrell -- Multichannel News, 12/23/2004 9:45:00 AM
As expected, Princeton, N.J.-based overbuilder RCN Corp. emerged from bankruptcy Dec. 22, converting about $1.2 billion in unsecured debt into new equity and eliminating about $1.8 billion in preferred share obligations.
RCN, which filed a pre-packaged Chapter 11 petition in May, had said it would emerge from bankruptcy before the end of the year. RCN also announced the completion of its purchase of the 50% interest in Washington, D.C., cable operation StarPower Communications it didn’t already own from Pepco Communications, a subsidiary of Potomac Electric Power Co. for $29 million in cash.
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