Die z.B.:
Two Company Directors Buy 1.6 Million Shares Of Bankrupt Covad
WASHINGTON -(Dow Jones)- Two Covad Communications Group Inc. (COVD) directors purchased a total of 1.6 million shares of the company's common stock in November, according to Form 4s released Wednesday by the Securities and Exchange Commission.
Director and interim Chief Executive Frank Marshall purchased a total of 1.5 million Covad common shares from Nov. 19 to Nov. 30 at prices ranging from 9 cents to $1.05 a share. At the end of the month, Marshall directly held 2.1 million shares. Director Robert Hawk bought 100,000 shares Nov. 26 at about $ 1.04 per share. Hawk directly held 353,600 shares after the transaction.
Covad shares recently traded at 75 cents.
Covad, Santa Clara, Calif., provides high-speed Internet access. It filed for Chapter 11 bankruptcy protection in August, listing assets of $1.1 billion and debts of $1.4 billion as of June 30
oder die:
Covad Expected to Exit Bankruptcy December 20 as Court Confirms Reorganization Plan
SANTA CLARA, Calif.--(BUSINESS WIRE)--Dec. 13, 2001--
$1.4 Billion in Bondholder Debt Eliminated and Pre-existing Shareholders Maintain Near 80 Percent of the Company
The U.S. Bankruptcy Court for the District of Delaware approved the reorganization plan for Covad Communications Group, Inc. (OTCBB:COVD) and Covad anticipates that it will exit from its pre-negotiated bankruptcy around December 20, 2001, the expected date the plan becomes effective.
The reorganization plan completes the pre-negotiated bondholder agreement that eliminates $1.4 billion of high-yield and convertible bondholder debt for approximately $257 million, or $0.19 on the dollar of face amount or accreted bond value, plus approximately $13 million in previously restricted cash and 15 percent ownership of the company. Shareholders will retain approximately 80 percent of the company.
All classes entitled to vote did so in favor of the plan by the margins required for acceptance by each class. The record date for voting for the plan was October 25, 2001. The record date for determining note holders entitled to distributions under the plan will be today.
The confirmation of the reorganization plan also satisfies one of the conditions for the closing of Covad's recently announced funding agreements with SBC Communications Inc. (NYSE:SBC). The agreements, valued at $150 million, are expected to add to Covad's existing available cash, to provide the funding Covad expects it will need to finance growth to cash flow positive operations targeted for 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," said Charles E. Hoffman, Covad president and CEO. "Covad's reorganization of its parent company was designed solely to eliminate debt and we will soon be fully funded. We will continue to control our costs while providing a growing suite of services. These are huge steps in our revitalization program and will put us in a great financial position for 2002."
Prior to today's approval of the reorganization plan, Covad reached a settlement agreement with General Electric Capital Corp., a unit of General Electric (GE); Heller Financial Inc. (wholly owned by GE Capital Corp.) and Vernon Computer Leasing Inc., which had filed objections to the plan.
Covad Communications Group, Inc.'s operating companies, which provide DSL services to customers, were not included in the court-supervised proceeding and continued to operate in the ordinary course of business without any court imposed restrictions throughout the approximately four month process. Covad Communications Group, Inc. filed for reorganization on August 15, 2001.
About Covad Communications
Covad is the leading national broadband service provider of high-speed Internet and network access utilizing Digital Subscriber Line (DSL) technology. It offers DSL, IP and dial-up services through Internet Service Providers, telecommunications carriers, enterprises, affinity groups and PC OEMs to small and medium-sized businesses and home users. Covad services are currently available across the United States in 94 of the top Metropolitan Statistical Areas (MSAs). Covad's network currently covers more than 40 million homes and business and reaches approximately 40 to 45 percent of all US homes and businesses. Corporate headquarters is located at 3420 Central Expressway, Santa Clara, CA 95051. Telephone: 1-888-GO-COVAD. Web Site: www.covad.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
The statements contained in this press release that are not historical facts are "forward-looking statements," including statements concerning Covad's anticipated reduction of costs, expected reductions in cash usage, ability to continue as a going concern, ability to emerge from bankruptcy proceedings, ability to complete the transactions with SBC Communications that are described in this release, sufficiency of Covad's cash on hand, additional capital requirements, ability to secure additional financing, ability to become cash flow positive and achieve profitability and the statements made by the president and CEO and the assumptions underlying such statements. Such risks and assumptions include, but are not limited to, Covad's ability to emerge from bankruptcy proceedings in a timely manner, to raise additional capital and address its financial issues, to continue as a going concern, to continue to service and support its customers, to successfully market its services to current and new customers, to manage the consolidation of sales to a fewer number of wholesale customers, to successfully migrate end users, Covad's ability to generate customer demand, to achieve acceptable pricing, to respond to competition, to develop and maintain strategic relationships, to manage growth, to receive timely payment from customers, to access regions and negotiate suitable interconnection agreements, all in a timely manner, at reasonable costs and on satisfactory terms and conditions, as well as regulatory, legislative, and judicial developments and the absence of an adverse result in litigation against Covad. All forward-looking statements are expressly qualified in their entirety by the "Risk Factors" and other cautionary statements included in Covad's SEC Annual Report on Form 10-K for the year ended December 31, 2000 and in Covad's SEC Quarterly Report on Form 10-Q for the quarter ended June 30, 2001.
CONTACT: Covad Communications Group, Inc.
Martha Sessums, 408/616-6986 (Press)
msessums@covad.com
Kathleen Greene, 408/616-6976 (Press)
kgreene@covad.com
Greg Tornga, 408/434-2130 (Investor Relations)
InvestorRelations@covad.com
OR
Weber Shandwick
Kristy Cory, 503/332-0204
kcory@webershandwick.com
die ist auch nicht schlecht:
Covad Expands Availability of Telextend T1 Service Adds Nine More Markets, Leading ISPs to T1 Line-Up
SANTA CLARA, Calif.--(BUSINESS WIRE)--Dec. 18, 2001--Covad Communications (OTCBB:COVD), the leading national broadband services provider utilizing DSL (Digital Subscriber Line) technology, today announced expanded availability of its TeleXtend T1 service in Chicago, Dallas, Denver, Detroit, Houston, Los Angeles, Phoenix, Portland and Seattle. This makes a total of 14 markets in Covad's national network where TeleXtend is available.
In addition, Covad announced that it has signed Speakeasy and DSL.net, two of the nation's leading providers of business-class broadband access and network services, to sell TeleXtend services. TeleXtend is also available from Covad directly at www.covad.com and MegaPath Networks.
TeleXtend offers affordable high speed Internet access at up to 1.5 Mbps with no distance limitations and is up to 30 percent less expensive than competitive T1 offerings. Additionally, TeleXtend is fully integrated into the Covad network, systems and processes, leading to a quicker and more efficient installation process.
Previously, small businesses such as law firms and graphic design shops often could not qualify for certain SDSL (symmetrical digital subscriber line) bandwidths due to distance constraints or technical limitations such as bridge taps. With the introduction of TeleXtend these small businesses are now able to request the appropriate bandwidth for everyday business functions such as email and high-speed document transfers. This can result in increased productivity at lower ongoing costs.
"Covad is continuing to expand the world of broadband options for small businesses with the introduction of TeleXtend to additional markets," said Todd Kiehn, senior product manager for Covad. "TeleXtend offers a low-cost, high performing alternative to traditional T1 offerings that small businesses have been waiting for."
"We are now able to offer more of our customers, despite their distance limitations, an affordable option for their high speed Internet access," said Mike Apgar, chief executive officer of Speakeasy. "Our valuable partnership with Covad is beneficial to both Speakeasy and our unique customer base. We now can expand our offerings to previously unserved markets, growing our business and growing the popularity of broadband at the same time."
Customers can also track their order online with Covad's unique Web Self Service offering, an online tool that enhances the broadband ordering and installation experience by enabling end-users and partners to electronically monitor the status of their orders, eliminating the need to call customer service.
Covad expects the price for TeleXtend to begin at $449 per month for Internet access, which is significantly lower than current competitive offerings. Additional features are extra. Since November 2001, TeleXtend has been available in the following markets: Atlanta, Miami, Minneapolis/St. Paul, San Francisco and St. Louis. Expanded availability is expected throughout the first quarter of 2002.
About Covad Communications
Covad is the leading national broadband service provider of high-speed Internet and network access utilizing Digital Subscriber Line (DSL) technology. It offers DSL, IP and dial-up services through Internet Service Providers, telecommunications carriers, enterprises, affinity groups, PC OEMs and ASPs to small and medium-sized businesses and home users. Covad services are currently available across the United States in 94 of the top Metropolitan Statistical Areas (MSAs). Covad's network currently covers more than 40 million homes and business and reaches approximately 40 to 45 percent of all US homes and businesses. Corporate headquarters is located at 3420 Central Expressway, Santa Clara, CA 95051. Telephone: 1-888-GO-COVAD. Web Site: www.covad.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
The statements contained in this press release that are not historical facts are "forward-looking statements," including statements concerning Covad's anticipated reduction of costs and the expected performance and expanded availability of the products and services described in this release. Actual events or results may differ materially as a result of risks facing Covad or actual results differing from the assumptions underlying such statements. Such risks and assumptions include, but are not limited to, Covad's ability to raise additional capital and address its financial issues, to continue as a going concern, to continue to service and support its customers, to successfully market its services to current and new customers, the consolidation of sales to a fewer number of wholesale customers, Covad's ability to generate customer demand, to achieve acceptable pricing, to respond to increasing competition, to manage growth, to receive timely payment from our Internet service providers and other customers, to access regions and negotiate suitable interconnection agreements, all in a timely manner, at reasonable costs and on satisfactory terms and conditions, as well as regulatory, legislative, and judicial developments and the absence of an adverse result in litigation against Covad. All forward-looking statements are expressly qualified in their entirety by the "Risk Factors" and other cautionary statements included in Covad's SEC Annual Report on Form 10-K for the year ended December 31, 2000 and in Covad's SEC Quarterly Report on Form 10-Q for the quarter ended June 30, 2001
