Business Services Industry
Excite@Home Struggles to Steer Clear of Bankruptcy.
Knight Ridder/Tribune Business News, August, 2001
By Nancy Dillon, Daily News, New York Knight Ridder/Tribune Business News
Aug. 28--Battered Internet firm Excite@Home was nudged even closer to the brink of bankruptcy yesterday.
Promethean Investment Group, a last-resort lender known for "death spiral financing," is demanding $50 million from Excite@Home by Friday.
Drake Johnstone, a telecom analyst at brokerage firm Davenport & Co., said bankruptcy court is "almost 100 percent assured" for Excite@Home.
Promethean claimed Excite@Home breached a $100 million loan agreement reached in June. A source close to the dispute said Excite@Home had misled Promethean on the size of its cash reserves.
In a recent filing with regulators, Excite@Home said it had $154 million in the...
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