Unless AT&T ups the offer satisfactorily, they will have to implement their backup network, it seems
From here: http://www.dotcomscoop.com/index.htm...7152666,88811,
A federal bankruptcy court judge in San Francisco today said that the broadband network of Excite@Home will be shutdown on Friday at midnight PST (3:00 AM EST) if a deal with its cable partners and creditors is not reached, sources at the proceedings tell Dotcom Scoop.
Excite@Home has the right under the ruling to renogiate its Master Distribution Agreements with its cable partners and with the approval of creditors, according to published reports. Excite@Home said it is losing $6 million per week keeping the network operational.
Judge Thomas Carlson said he felt that a deal could be reached quickly so that service would not be interrupted. Excite@Home representatives are currently negotiating new operating agreements with cable partners, which creditors must approve, according to the Associated Press.
The decision could affect approximately 4.1 million cable Internet access subscribers using @Home's service through partners such as AT&T, Charter Communications, Comcast and Cox.
If the network is shutdown, AT&T will attempt to migrate customers to its own existing network. Cox is in the process of finishing work on its network, but indications are that customers won't be moved until next year. Comcast is also in the process of building its own network, but there is no timetable for customers to be moved. Both Cox and Comcast have suggested that subscribers use free ISP NetZero as an alternative.
At the heart of the argument was a bondholders motion which asked that the court re-evaluate Excite@Home's broadband assets, which are set to be acquired by AT&T for $307 million. Owed almost $750 million, bondholders contended that the value of the assets is more than AT&T is offering and that fair value could only be known if the network was shutdown and cable partners were forced to find alternative providers. Today's ruling is a clear victory for bondholders.
From here: http://www.dotcomscoop.com/index.htm...7152666,88811,
A federal bankruptcy court judge in San Francisco today said that the broadband network of Excite@Home will be shutdown on Friday at midnight PST (3:00 AM EST) if a deal with its cable partners and creditors is not reached, sources at the proceedings tell Dotcom Scoop.
Excite@Home has the right under the ruling to renogiate its Master Distribution Agreements with its cable partners and with the approval of creditors, according to published reports. Excite@Home said it is losing $6 million per week keeping the network operational.
Judge Thomas Carlson said he felt that a deal could be reached quickly so that service would not be interrupted. Excite@Home representatives are currently negotiating new operating agreements with cable partners, which creditors must approve, according to the Associated Press.
The decision could affect approximately 4.1 million cable Internet access subscribers using @Home's service through partners such as AT&T, Charter Communications, Comcast and Cox.
If the network is shutdown, AT&T will attempt to migrate customers to its own existing network. Cox is in the process of finishing work on its network, but indications are that customers won't be moved until next year. Comcast is also in the process of building its own network, but there is no timetable for customers to be moved. Both Cox and Comcast have suggested that subscribers use free ISP NetZero as an alternative.
At the heart of the argument was a bondholders motion which asked that the court re-evaluate Excite@Home's broadband assets, which are set to be acquired by AT&T for $307 million. Owed almost $750 million, bondholders contended that the value of the assets is more than AT&T is offering and that fair value could only be known if the network was shutdown and cable partners were forced to find alternative providers. Today's ruling is a clear victory for bondholders.
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