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AT&T Encounters Troubles With Excite Bondholders
(Click here to view the original thread with full colors/images)
Posted by: TotalRecall
A bankruptcy judge ruled today that criticism from Excite@Home bondholders could stop the sale of the company to AT&T. Here's a snip from CNet:
Ma Bell, which has long held a controlling vote on Excite@Home's board of directors, agreed to buy Excite@Home's cable Internet access assets for $307 million on Oct. 1, the same day the company filed for bankruptcy protection. But bondholders, which hold more than $750 million in debt, are bitterly opposed to the deal, saying it badly undervalues the company.
Federal bankruptcy Judge Thomas Carlson said in court Wednesday that the bondholders' position could undermine the deal, the first time he has publicly expressed reservations about the sale's outcome.
I can see their woes, but they may be missing out on a deal that only comes around once. Read more here.
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