| |
| | Metromedia warns of possible bankruptcy - Mar. 18, 2002 (Site not responding. Last check: ) |
 | | NEW YORK (Reuters) - Metromedia Fiber Network, which provides high-speed communications services in cities, Monday scrapped its financial guidance through the end of 2002, and warned it may have to file for bankruptcy if it cannot restructure its debts. |
 | | The New York-based company, in a press release, also said it had deferred payment of about $30 million of interest due on $975 million of convertible notes issued to local telephone company Verizon Communications (VZ: down $0.33 to $47.37, Research, Estimates), in order to meet other near-term cash requirements. |
 | | Metromedia (MFNX: down $0.17 to $0.10, Research, Estimates) said it is in talks with Verizon but could default on its debt if it fails to reach an agreement or make an interest payment within a 30-day grace period. |
| money.cnn.com /2002/03/18/technology/metromedia.reut (384 words) |
|