Covad Expects To File For 'Bankruptcy'

[bonkers325]

Link

Even as ISP's such as Megapath (transition letter Here) are moving their Rhythms customers (DSLR story Here) to Covad service, Covad itself announced that it will seek bankruptcy protection by mid-August as a way to restructure to eliminate its $1.4 billion bond debt.
Covad says this trick will not effect its continued operation or over 300 thousand customers.
Holders of a majority of the debt have apparently agreed to the plan. After restructuring, Covad will be effectively debt free, and may regain NASDAQ listing, but they are not forecasting profitability until 2003 - The financial move may perhaps make them an attractive take-over target. Covad stock has moved up on the news.

this is sad
first northpoint
then rythms
soon covad

 

[somethingwitty]

though this is a repost, I'll take this opportunity to add one to your list:

Metricom will be cutting off it's wireless service tomorrow, leaving my sister (and the 30 or so other customers) heartbroken. My sis is going to have to give up chatting and talking on the phone at the same time.