Newsgroup: it.economia.borsa.estero
Titolo: covad ce l'ha fatta

Covad esce dalla bancarotta.
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Covad to emerge from bankruptcy before Christmas
By Reuters staff
14 December 2001
High-speed Internet access provider Covad Communications said on Thursday
that a bankruptcy court has approved its reorganization plan, and it expects
to emerge from bankruptcy around Dec. 20.
The company, which provides high-speed Internet access over ordinary
telephone lines, said confirmation of the plan satisfied conditions for its
$150 million funding agreement with local telephone company SBC
Communications.
That money will supplement Covad's existing cash balance, giving it enough
money to finance its operations until it becomes cash flow positive in the
second half of 2003.
"We believe we are the first of the emerging telecommunications companies to
exit successfully from bankruptcy with existing shareholders maintaining a
majority interest," Covad Chief Executive Charles Hoffman said in a
statement. Shareholders will retain about 80 percent of the company.
"Covad's reorganization of its parent company was designed solely to
eliminate debt," Hoffman said, "and we will soon be fully funded."
Shares of Covad surged in Bulletin Board trading on Thursday, hitting an
intraday high of $1.75 before closing at $1.52, up 77 cents, or 102.67
percent.
Covad filed for bankruptcy in August with a prenegotiated bondholder deal
that eliminated $1.4 billion of debt. The company said it has reached a
settlement agreement with General Electric Capital, a unit of General
Electric;Heller Financial, and Vernon Computer Leasing, which had filed
objections to the plan.
Covad and other companies that provide high-speed digital subscriber line
Internet access buckled under the slowing U.S. economy, heavy competition,
the inability of many customers to pay their bills, and a marked tightening
of capital markets.
Rival Rhythms NetConnections also filed for bankruptcy protection, while
NorthPoint Communications shut down its network and sold its assets at
fire-sale prices.
© 1999 Reuters Limited. All rights reserved.
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