AboveNet emerges from bankruptcy

By Carlise Newman

Chicago, Sept. 8 - AboveNet Inc. has emerged from Chapter 11 protection with a new name, a strong cash position, new financial backing and a low debt level.

Since filing for bankruptcy protection in May 2002, AboveNet, formerly Metromedia Fiber Network, has reduced its expenses and increased its cash position to $80 million.

AboveNet also is conducting a fully backstopped $50 million rights offering to some creditors.

If the full $50 million is raised, the company will pay down its senior bank debt to $70 million.

AboveNet, a New York-based network infrastructure company, said it also retained all of its core assets intact.

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