Covad, Bondholders Negotiate Restructuring.(Covad Communications Group Inc.)(Brief Article)
Multichannel News, August, 2001 by BAUMGARTNER, JEFF
Covad Communications Group Inc. one of the few independent digital subscriber line providers still standing - said it plans to file for bankruptcy protection later this month. The company is presently negotiating with bondholders to unload its $1.4 billion in debt. The debt restructuring, announced last Tuesday, is designed to give Covad an opportunity to raise enough cash to continue operations.
Debtholders would exchange their bonds for a mix of cash and preferred stock. Covad said the cash portion of the offer consists of 19 cents on the dollar for the face amount of the accreted value of both high-yield and convertible bonds. The company expects to return all of its $26.5 million in restructured cash reserves to holders of its 12.5 percent bonds....
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