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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Feb 01, 2002
Page
7
McLeodUSA stock retains some value as a 17 percent equity stake under a reorganization plan, a change from earlier proposals. Analysts counsel various strategies from tax-loss selling to switching to preferred stock, holding long term, or pursuing broker-dispute claims, with outcomes depending on debt relief and restructuring progress.
Cedar Rapids leaders express relief as McLeodUSA Inc. files a prepackaged Chapter 11 bankruptcy after reaching an agreement with bondholders. Chamber of Commerce President Ron Corbett says the debt relief allows a renewed focus on business plans and future stability for Cedar Rapids jobs. Mayor Paul Pate adds the move provides stability and optimism for the town.
The plan preserves control for top managers while common shareholders receive 17 percent and lose voting rights. Forstmann Little will hold 58 percent after a $175 million equity investment and five year warrants. Bondholders fund the recovery from $570 million of McLeodUSA’s proceeds and the deal ends a 5-for-1 stock split. Industry analyst commentary notes the stabilizing role of Forstmann Little and cautious outlook for common shareholders.
Timeline of McLeodUSA from June 1991 forming as McLeod Telecommunications through 2002 bankruptcy filing. Highlights include IPO in 1996, acquisitions of Buffalo Cody & Associates Splitrock CapRock and Consolidated Communications merger creating first Super Regional CLEC, strategic investment by Forstmann Little, stock splits, leadership changes, shift to a 25 state footprint, debt recapitalization and Chapter 11 filing by January 2002.
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