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XO scores funding amid 1Q loss.
Publication: RCR Wireless News Publication Date: 30-APR-01 Author: SMITH, HILARY
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COPYRIGHT 2001 Crain Communications, Inc.
European expansion plans shelved
A ray of hope illuminated the increasingly dark local multipoint distribution service sector last week when XO Communications Inc. announced in conjunction with its first-quarter financial results that it secured $250 million in much-needed funding, but the broadband provider also said it will be dramatically changing how and why it spends money during the next five years.
Forstmann Little & Co. agreed to invest an additional $250 million in XO, and XO will issue 50 million shares of common stock and amend the terms of the preferred stock held by Forstmann Little to reduce the share conversion price from $31.63 to...
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