Technology Industry
Industry: Email Alert RSS FeedIcahn completes XO debt deal. (News).
RCR Wireless News, September, 2002 by Smith, Hilary
Carl Icalin acquired approximately $262.5 million of XO Communications Inc.'s secured senior debt, giving him ownership of approximately $847.5 million of XO's $1 billion in total secured debt and most importantly, greater control over what happens to XO during the company's reorganization.
The latest tender offer of 50 cents on the dollar is in addition to the $414 million in debt Icahn agreed to buy Aug. 23 and the $171 million in debt already owned by the financier and his partners. "This gives us the biggest stake in what we consider one of the finest CLECs in the business. While I supported the company's plan of reorganization founded on the Forstmann-Telinex agreement, which was confirmed by the bankruptcy court on Monday (Aug. 26), if, for any...
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