Competition Watch
Metromedia Fiber Network failed to raise the financing necessary to keep the company from violating a condition of its credit facility. Although the company claimed to be in negotiation with Citicorp, MFN acknowledged that it failed to raise funding by last Wednesday's extended deadline. MFN's stock dropped more than 40% on the news, closing at 65 per share last Thursday.
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MetroXmit, a facilities-based fiber optic network provider in Indiana, Ohio and Illinois, has announced it has completed its fiber optic network for the Indianapolis central business district. Featuring both dark fiber and conduit in an 8.33-mile CBD dual-ring architecture, the MetroXmit CBD network is available for service immediately.
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