RCN Files Consensual Plan for Chapter 11 Reorganization

RCN Corporation, which provides overbuild cable services in the Boston, New York, Eastern Pennsylvania, Chicago, San Francisco and Los Angeles metropolitan markets, filed reorganization plans with the U.S. Bankruptcy Court for the Southern District of New York. The plan would reduce RCN's total debt by $1.2 billion through a debt for equity swap. The plan has the support of the company's Official Creditors' Committee. RCN expects to emerge from its restructuring process during the fourth quarter of 2004. RCN does not anticipate any disruption of service to its customers. http://www.rcn.com