RCN hires Blackstone as advisor

By Jeff Pines

Washington, March 12 - RCN Corp. hired Blackstone Group LP as its advisor while it negotiates a restructuring with its lenders and noteholders. Merrill Lynch is no longer advising the company, RCN said in a news release.

John Dubel of AlixPartners LLC and Blackstone will be leading the discussions going forward, an RCN spokesman said. In December, the company appointed Dubel president and chief operating officer to help run the company.

The Princeton, N.J.-based telecommunications provider declined to comment further.

RCN missed a payment on its 10 1/8% senior notes due 2010 and has a forbearance agreement, which expires March 15, from a number of its bondholders. It also deferred a Feb. 15 payment due on its 9.8% senior discount notes due 2008. The grace period on the senior discount notes also ends March 15.

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