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February 22, 2002 — (WEB HOST INDUSTRY REVIEW) — Voice and data services company XO Communications Inc. (xo.com) is expecting to file for Chapter 11 bankruptcy protection within the next two weeks, Business Week magazine reported Thursday.
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XO said on Nov. 29 that buyout firm Forstmann Little and Mexican telecom
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Telefonos de Mexico S.A. de C.V. each planned to invest $400 million in the
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company. But XO said the restructuring, if it happens, would basically leave
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current stockholders with nothing.
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Business Week reported that XO is filing for bankruptcy protection to
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convince debtholders to agree on the restructuring plan.
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“It could happen in days; it could be two weeks,” a source near XO told the
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magazine.
