Metromedia Fiber Network Struggling To Stay Out Of Bankruptcy

Metromedia Fiber Network

On March 29, MFN defaulted on an $8.1 million interest payment on notes originally issued to Nortel Networks. Two days later Mark Spagnolo, CEO, and Randall Lay, CFO, were replaced.

Spagnolo joined MFN when the company acquired MSP SiteSmith for $1.4 billion in October 2000.

The company said it may be forced to file Chapter 11 bankruptcy if it is unable to reach an agreement with its creditors to restructure its debt.

Earlier this month, Verizon Global Networks and Genuity Solutions terminated their fiber-optics agreement with MFN.