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November 9, 2009

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Bondholder claims LV phone operator insolvent

Friday, Aug. 3, 2001 | 11 a.m.

A New York investment firm sued the parent of Mpower Communications Corp., asking a New York federal judge to declare the Rochester, N.Y., company insolvent or near-insolvent.

Fir Tree Partners owns more than a quarter of Mpower's 13 percent senior notes due 2010. It argued the company faces an "unsustainable debt burden" and "hugely negative cash flow," and will run out of cash within 12 months if it raises no more funds.

Mpower denied the allegations.

Mpower is a provider of high-speed Internet access and telephone services in Las Vegas and other cities. It was founded as MGC Communications in Las Vegas; it moved to Rochester, N.Y, in late 1999 and was renamed Mpower shortly afterwards.

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