Business Services Industry
STRUGGLING USN DIALS 911: PHONE SERVICE RESELLER LOOKS TO PEDDLE ASSETS, SATISFY MERRILL LYNCH.
Crain's Chicago Business, February, 1999 by ROSE, BARBARA
Chicago's USN Communications Inc. faces two key deadlines this week as it struggles to salvage some value from its bleeding franchise. The most critical comes today, when a $10-million note is due to New York-based Merrill Lynch Global Allocation Fund Inc. The fund is USN's biggest creditor, with about $172 million in long-term notes.
Merrill Lynch & Co. is a shareholder with a 17% stake, according to Securities and Exchange Commission filings. The fund issued the $10-million financial lifeline to the phone service reseller in November, then extended the note for 30 days on Jan. 15. Shortly after missing the Jan. 15 payment, USN warned investors it might be forced to file for bankruptcy protection without ``additional capital infusions in the very near...
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