RCN Cuts 1Q Losses5/10/2004 9:37 AM Eastern
Struggling MSO RCN Corp. reported a first-quarter-2004 net loss from continuing operations of $56.8 million, or $0.73 per common share, versus $94.7 million ($1.24) in the year-earlier period.
Revenue rose to $121.3 million from $117.6 million in the first quarter of 2003.
RCN’s decision on whether to make interest payments of approximately $8 million on its 10% senior notes due 2007 and approximately $17.6 million on its 11.125% senior discount notes due 2007 -- already delayed several times -- is due at 11:59 p.m. (EST) May 17.
The operator has said that it expects any financial restructuring to be implemented through a reorganization under Chapter 11.
It has set up a Web site (rcntomorrow.com) to provide updates on its restructuring process.