RCN: Merrill, Bradbury Out, Blackstone In3/12/2004 4:28 AM Eastern
RCN Corp. said it has retained private investment firm The Blackstone Group as its financial advisor in connection with continuing negotiations with its senior lenders and bondholders to restructure its debt and to possibly raise capital.
Blackstone replaces Merrill Lynch & Co., which had been advising the telecommunications-services provider.
RCN has said in the past that it expects any financial restructuring to be completed through a Chapter 11 bankruptcy filing.
In addition, the company said, president and chief operating officer John Dubel will lead financial-restructuring negotiations.
Douglas Bradbury, who was brought on as executive vice president in October 2003 to lead those discussions, has left the company. Prior to joining RCN, Bradbury had been vice chairman and chief financial officer of Level 3 Communications Inc.