MCLD - down 63% on 8-K cancelling common shares >>
8-K was out after market close yesterday.. MCLEODUSA INC (0000919943) (Filer) 8-K [html][text] Current report, items 7.01 and 9.01 Accession Number: 0001104659-05-049197 Text Size: 1 MB 2005-10-19 17:04:35
ITEM 7.01 REGULATION FD DISCLOSURE
On October 19, 2005, McLeodUSA Incorporated (“the Company”) issued a press release, which is attached hereto as Exhibit 99.1, announcing that it has begun the solicitation process for approval from the Company’s lenders for a restructuring of its approximately $777.3 million in bank debt plus accrued interest. In order to seek the approval of the restructuring plan from its lenders, the Company is distributing certain solicitation materials to its lenders, dated October 19, 2005, including a copy of the Joint Prepackaged Plan of Reorganization, which is attached hereto as Exhibit 99.2. If the required approvals are received, the restructuring will be accomplished through a prepackaged plan of reorganization for the Company and its subsidiaries pursuant to a Chapter 11 bankruptcy filing. All of the Company’s existing Preferred Stock and Common Stock will be cancelled, and holders of that stock will have no recovery.
News 
Market Data 
Discover 
AI
