Archie's Corner

[timhyma]

7:09AM XO Comms (XOXO) 1.03: -- Update -- Also announced today that as required by the terms of the new investment and as a part of the financial restructuring it will not make scheduled interest and dividend payments on its unsecured notes or preferred equity securities after November 30.

7:07AM XO Comms (XOXO) 1.03: -- Update -- Company expects current holders of its equity securities to lose substantially all of the value of their investment as a result of the restructuring

7:04AM XO Comms (XOXO) 1.03: -- Update -- The investment is contingent on XO successfully completing a restructuring of its existing balance sheet and upon receipt of regulatory approvals.

7:01AM XO Comms (XOXO) 1.03: Company's board of directors approves a preliminary agreement with Forstmann Little and Telefonos de Mexico pursuant to which XO will receive an investment of $400 mln from each company, or a total of $800 mln, in exchange for new equity in the company.