RCN Corp. brought in a ringer to help the company clean up its balance sheet, naming John Dubel, who led a restructuring at WorldCom Corp., president and chief operating officer.
In addition to helping WorldCom, Dubel -- who is a principal with AlixPartners -- worked recently as CEO of Cable & Wireless America and, prior to that, as chief restructuring officer at Acterna LLC.
RCN -- which had $1.67 billion in total debt as of Sept. 30 -- has been pushing bondholders to accept a debit-for-equity swap.
The Princeton, N.J.-based cable overbuilder had until Friday to make a $10.3 million interest payment on its 10.125% bonds due 2010. All of the company’s debt could come due immediately if RCN failed to make a payment on the debt, including $1.1 billion in bonds and $520 million in bank facilities.
RCN spokesman Jim Downing wouldn’t say Thursday whether RCN planned to make the interest payment Friday.