...und ich bin nicht dabei. das gibt ein run. wurde die aktie vom handel ausgesetzt ???
hier die news von gestern:
Choice One Communications Financial Restructuring Plan Approved By Court
ROCHESTER, N.Y., Nov 10, 2004 (BUSINESS WIRE) -- Choice One Communications
(OTCBB: CWON):
-- Company expected to successfully emerge from "prepackaged"
chapter 11 proceedings on or about November 18, 2004
-- Company to exit chapter 11 with $30 million of new financing
-- Restructuring will reduce Choice One's debt from over $1
billion to approximately $205 million, strengthen its balance
sheet, and increase its liquidity
-- Company's client base has continued to grow and normal
operations have continued without interruption throughout the
chapter 11 proceeding
-- Reduced debt, new financing, and continued growth from
operations enable company to remain a premier
telecommunications provider
Choice One Communications (OTCBB: CWON), an Integrated Communications Provider
offering facilities-based voice and data telecommunications services, including
Internet solutions, to clients in 29 Northeast and Midwest markets, today
announced that the U.S. Bankruptcy Court for the Southern District of New York
has approved its "prepackaged" financial restructuring plan, which when
consummated will substantially reduce the Company's debt, strengthen its balance
sheet, and increase its liquidity. As a result, Choice One anticipates that its
Plan of Reorganization will become effective and the Company will emerge from
its chapter 11 proceedings on or about November 18, 2004.
Reflecting the fundamental strength of its operations and its future growth and
earnings potential, Choice One's Plan of Reorganization was accepted by 100% of
its lenders prior to the Company's voluntary chapter 11 filing on October 5,
2004. Under the Plan of Reorganization, which was confirmed by the Court
following a hearing on November 8, Choice One will (i) convert approximately
$404 million of outstanding senior debt into $175 million of new senior secured
term notes with a six-year term and 90% of the common stock of the reorganized
Company; (ii) convert approximately $252 million of outstanding subordinated
debt into the other 10% of such common stock and into two series of seven-year
warrants to purchase additional shares of common stock from the reorganized
Company; and (iii) upon completion of the restructuring, obtain a revolving
credit facility of $30 million from a subset of its existing lenders to provide
for ongoing working capital requirements.
"We are pleased that the Court has confirmed our Plan of Reorganization, an
important milestone that keeps us on track to execute our 'prepackaged'
financial restructuring as planned in less than 45 days from start to finish,"
said Steve Dubnik, Chairman and Chief Executive Officer. "I am excited to report
that our business has continued to grow during this time and we are grateful to
our colleagues, clients, lenders and suppliers, whose support has allowed us to
move through the reorganization process very quickly, efficiently and
effectively. Our ability to achieve such a significant financial restructuring
in less than two months is virtually unprecedented in our industry and will
leave Choice One well positioned to capitalize on future growth opportunities."
Dubnik concluded that, "Successful completion of this process greatly enhances
our ability to remain a premier provider of telecommunications services, to
continue to provide great service to our clients, and to grow our business, now
and in the future."
About Choice One Communications
Headquartered in Rochester, New York, Choice One Communications Inc. (OTCBB:
CWON) is a leading integrated communications provider offering voice and data
services including Internet solutions, to businesses in 29 metropolitan areas
(markets) across 12 Northeast and Midwest states. Choice One reported $323
million of revenue in 2003, has more than 100,000 clients and employs
approximately 1,200 colleagues.
Choice One's markets include: Hartford and New Haven, Connecticut; Rockford,
Illinois; Bloomington/Evansville, Fort Wayne, Indianapolis, South Bend/Elkhart,
Indiana; Springfield and Worcester, Massachusetts; Portland/Augusta, Maine;
Grand Rapids and Kalamazoo, Michigan; Manchester/Portsmouth, New Hampshire;
Albany (including Kingston, Newburgh, Plattsburgh and Poughkeepsie), Buffalo,
Rochester and Syracuse (including Binghamton, Elmira and Watertown), New York;
Akron (including Youngstown), Columbus and Dayton, Ohio; Allentown, Erie,
Harrisburg, Pittsburgh and Wilkes-Barre/Scranton, Pennsylvania; Providence,
Rhode Island; Green Bay (including Appleton and Oshkosh), Madison and Milwaukee,
Wisconsin.
For further information about Choice One, visit our web site at choiceonecom.com
or contact us at 1-888-832-5800.
Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995, and the Company intends such forward-looking statements be subject to
the safe harbors created thereby. The words "believe", "believes", "expects",
"estimates", "anticipates", "will", "will be", "could", "may" and "plans" and
the negative or other similar words or expressions identify forward-looking
statements made by or on behalf of Choice One Communications Inc. ("the
Company"). These forward-looking statements are subject to many uncertainties
and factors that may cause the actual results of the Company to be materially
different from any future results expressed or implied by such forward-looking
statements. Examples of such uncertainties and factors include, but are not
limited to, continued compliance with covenants for borrowing under our bank
credit facility, availability of financing, availability of significant
operating cash flows, continued availability of regulatory approvals, the number
of potential customers and average revenue for such customers in a market, the
existence of strategic alliances or relationships, technological, regulatory or
other developments in the Company's business, changes in the competitive climate
in which the Company operates, the emergence of future opportunities, and the
Company's ability to complete a financial restructuring, all of which could
cause actual results and experiences to vary significantly from the Company's
current business plan and to differ materially from anticipated results and
expectations expressed in the forward-looking statements contained herein. These
and other applicable risks are summarized under the caption "Risk Factors" and
elsewhere in the Company's Annual Report on Form 10-K for the year ended
December 31, 2003, Registration No. 000-29279, filed with the Securities and
Exchange Commission on March 30, 2004.
SOURCE: Choice One Communications
