ICG Recieves $25 Million in Exit Financing Modifies Plan of Reorganization.Business Editors & Technology WritersENGLEWOOD, Colo.--(BUSINESS WIRE)--July 25, 2002 ICG ICG indocyanine green. Communications Inc., a facilities-based nationwide communications provider announced today it has closed in escrow a $25 million secured subordinated note arranged by Cerberus Capital Mgt. LLP LLP - Lower Layer Protocol as part of the company's re-capitalization package. ICG will file a modified disclosure statement and Plan of Reorganization with the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. within the week. The company has received initial approval of the Plan from the creditors' committee creditors' committee A group of lenders who seek to protect their interests in connection with a borrower that experiences financial difficulties. and expects a favorable vote. ICG anticipates emerging from Chapter 11 protection within approximately 75 to 90 days. The release of the funds is subject to Court and creditor approval of the plan. "We are highly confident the creditors will support this plan and once confirmed, ICG will be free to emerge," said Randall E. Curran, chief executive officer, ICG. "Thanks to our employees, the company continues to perform and deepen its customer relationships by delivering a superior experience for all of our products." ICG reported approximately $40 million in EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become on $500 million in revenue for the year ending December 31, 2001. For the first quarter 2002, ICG reported approximately $112 million in revenue and $17 million in EBITDA. The company anticipates emerging with approximately $70 million in cash and $207 million in funded debt Funded Debt Long-term debt that matures after more than one year. Notes: This is usually issued as a bond or a long-term note. See also: Bond, Debt, Maturity, Note Funded debt Debt maturing after more than one year. . ICG Communications, Inc. is a facilities-based communications company with a nationwide data and voice network. The company operates in more than 25 major metropolitan areas from Cleveland to Dallas, Los Angeles to Washington, D.C. ICG's signature products are broadband, dial-up internet access See dial-up. , Dedicated Internet Access (DIA) and voice and Internet Protocol (IP) solutions and fiber optic transport services. ICG serves approximately 6,000 customers including Internet service providers (ISPs), interexchange carriers and corporate customers with medium to large businesses. For more information about ICG Communications, visit the company's web site at http://www.icgcom.com. |
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