...lembras-te se a SIRI também podia ir para o bankruptcy como é agora informado da RBAK? olha a noticia:
Redback falls on restructuring plan
Last Update: 5:52 PM ET July 7, 2003
SAN FRANCISCO (CBS.MW) -- Shares in Redback Networks fell 45 percent Monday after the maker of networking gear said it could file for Chapter 11 bankruptcy if its debt-for-equity restructuring plan is rejected by shareholders or creditors.
Redback, based in San Jose, Calif., plans to give creditors as much as 95 percent of the company's common stock to pay off $467 million in debt. Existing holders of the company's common shares would initially retain about 5 percent of the company, with the right to increase the stake to about 15 percent through warrants.
Management said it has reached a pact with 67 percent of the holders of its 5 percent convertible subordinated notes due 2007 to exchange those notes for common shares. Management needs votes representing 98 percent of its debt and the majority of its common stakeholders to approve the exchange.
Redback (RBAK: news, chart, profile) shares lost 41 cents to close at 50 cents. The stock traded as high as $2 a share in July 2002, and has risen from a trough of 24 cents in October.
The company hopes to win regulatory approval for the debt-for-equity swap this summer, and hopes for creditor and shareholder approvals by September.
Late Thursday, ahead of the July 4 holiday, Redback said its second-quarter sales would miss targets due to weak sales in the Pacific/Asian market. Redback said it expects to report $22 million in second-quarter revenue, below the $30.7 million consensus of analysts reporting to Thomson First Call. Analysts polled by Thomson First Call had expected second-quarter revenue of $30.7 million, on average.
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