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RCN’s Chicago Unit Begins Restructuring

8/05/2004 9:23 AM Eastern

RCN Corp.’s Chicago subsidiary filed a voluntary petition for reorganization Thursday.

RCN Cable TV of Chicago Inc. filed under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the Southern District Court of New York.

The MSO said the move is part of its restructuring process, aimed at ensuring that operations in Chicago continue uninterrupted.

“Today's filing is part of RCN's ongoing efforts to modify its franchise agreements with the city of Chicago so that it can honor its commitment of continuing to grow and serve its approximately 100,000 customers in Chicago,” RCN said in a prepared statement.

RCN filed for voluntary Chapter 11 bankruptcy protection in late May in a prepackaged deal that will let the company reduce its debt load from $1.7 billion to about $480 million.

 

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