Fiber-optic networks specialist Metromedia Fiber Network (MFN) has filed for Chapter 11 bankruptcy protection for itself and most of its subsidiaries.
The company filed for protection as a last ditch effort to continue operating, while undergoing a restructuring program. It has called upon Impala Partners for assistance in its restructuring program, as well as UBS Warburg to counsel the company on strategic moves.
MFN has arranged $611.0 million financing package, changed debt payments, and revamped its management. Its debt reached $3.3 billion by the end of February 2002. As a result the company is no longer listed on the Nasdaq Stock Exchange.