RESTON, Va.-Wireless broadband service provider XO Communications Inc. has completed its financial restructuring and emerged from Chapter 11 bankruptcy with significantly reduced debt and $554 million cash and cash equivalents.
XO now has a long-term debt of $500 million, down significantly from $5.1 billion before restructuring. The company plans to seek customer acquisitions as well as acquisitions of companies and assets, according to Carl Icahn, who now holds more than 80 percent of the outstanding common stock of the reorganized XO and has been named chairman of the board.
“This is a brand new day for XO,” declared Nate Davis, president and chief operating officer. “We believe the loyalty that our customers have shown throughout this difficult restructuring process evidences the value businesses continue to see in our solutions and services.”
