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SAN JOSE, Calif., December 22, 2003 -
Redback Networks Inc. (NASDAQ: RBAKQ), a leading provider of broadband networking systems, today announced that the U.S. Bankruptcy Court for the District of Delaware has confirmed the company's pre-packaged plan of financial reorganization. The court confirmation represents the final approval allowing the company's plan to become effective and emerge from Chapter 11.
"Today Redback Networks turns the corner to achieve financial health and long-term growth," said Kevin DeNuccio, president and chief executive officer of Redback Networks. "We are extremely pleased to have completed this crucial step in our financial restructuring process and emerge with full support of customers, partners and employees. A strong balance sheet, significantly lower operational expenses, leading-edge solutions for broadband subscriber management and a customer base of over 500 service providers put us in a very strong position to take full advantage of the improving market for strategic broadband infrastructure."
Redback filed its financial restructuring plan 49 days ago, on November 3, as a "pre-packaged" plan for "fast track" approval by the court. During the Chapter 11 process, the company has maintained all of its normal business operations seamlessly and without interruption. This schedule will facilitate meeting NASDAQ's listing requirements which include confirmation of the plan of reorganization by December 23, 2003, Redback's emergence from bankruptcy by January 6, 2004 and meeting NASDAQ's minimum bid price conditions.
This major step in the restructuring process comes at an opportune time, as the importance of DSL in the product portfolio of service providers is on the rise, and many major carriers around the world are currently contemplating their next-generation broadband DSL network architectures. When the plan of reorganization becomes effective, Redback will have eliminated approximately $467 million of its existing debt and have in place a stronger financial model between revenue and expenses. This financial restructuring will also give Redback the ability to address the long-term needs of existing and potential customers and to participate fully in these new market growth opportunities.
Redback Networks Inc. enables carriers and service providers to build profitable next-generation broadband networks. The company's User Intelligent Networks™ product portfolio includes the industry-leading SMS™ family of subscriber management systems, and the SmartEdgereg; Router and Service Gateway platforms, as well as a comprehensive User-to-Network operating system software, and a set of network provisioning and management software. Founded in 1996 and headquartered in San Jose, Calif., with sales and technical support centers located worldwide, Redback Networks maintains a growing and global customer base of more than 500 carriers and service providers, including major local exchange carriers (LECs), inter-exchange carriers (IXCs), PTTs and service providers.
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