Judge pans AT&T’s Excite@Home bid
Amid growing controversy over Excite@Home’s network assets, the federal judge presiding over @Home’s bankruptcy said Wednesday he is reluctant to approve AT&T’s $307 million bid for the ISP, CNET reported.
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U.S. bankruptcy Judge Thomas comments represent yet another stumbling block for AT&T, which hoped to complete the deal and control the network operations of the country’s largest broadband ISP by the end of the year. The judge said it would be difficult for the court to approve the sale when so many creditors are opposed to it.
AT&T’s offer would cover only a small amount of @Home’s $1.1 billion in debt, leaving little or nothing for most of the bankrupt company’s creditors. Especially miffed are @Home’s unsecured bondholders, who stand last in line for any payout. They are trying to force @Home to shut down its networks to get more money from AT&T and @Home’s other cable partners.
--Kevin Fitchard, staff writer
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© 2012 Penton Media Inc.
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