Williams Communications Group, Inc. (fka WCGR)

[jmhollen]

From the Golden Lists:

Good Morning, Added high risk stock WCGR to The List on yesterday's news,

WCGR WILLIAMS COMM GRP.

Last: 0.21 04:06:37 PM 3/12/2002 Change: +0.06
High: 0.22 Low: 0.15 Previous Close: 0.15 Volume: 15,312,500
%Change: +40.00 Best Bid: 0.205 Bid Size: 5000
Best Ask: 0.21 Ask Size: 5000

Williams Communications Group Inc. , which is weighing bankruptcy, on Monday said its former corporate parent would provide the $750 million needed to buy back certain fiber-optic assets used in its operations.In return, the former parent, energy giant Williams Cos. , will receive unsecured debt or equity in Williams Comms worth up to $750 million.

Williams Comms, which provides high-speed network services to telecom carriers and large corporations, said the purchase was part of its restructuring plan. Network operators like Williams are struggling under massive debt, slack demand for high-speed capacity and declining rates for transmission services.

Deborah Trevino, a Williams Comms spokeswoman, declined to give details of the restructuring plan, reiterating that it would be disclosed at the end of March.

http://story.news.yahoo.com/news?tmpl=story&u=/nm/20020311/bs_nm/telecoms_williams_dc_2

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