RCN Retains The Blackstone Group as Financial Advisor

Mar 12, 2004, 00:00 AM by User Not Found
PRINCETON, NJ – March 12, 2004 – RCN Corporation (Nasdaq: RCNC) announced today that it has retained the Blackstone Group as financial advisor in connection with its continuing negotiations, with its senior secured lenders, members of an ad hoc committee of noteholders of its senior notes and others, towards a successful financial restructuring of its balance sheet and possible capital raising opportunities. Merrill Lynch will no longer advise the company in this capacity.

PRINCETON, NJ – March 12, 2004 – RCN Corporation (Nasdaq: RCNC) announced today that it has retained the Blackstone Group as financial advisor in connection with its continuing negotiations, with its senior secured lenders, members of an ad hoc committee of noteholders of its senior notes and others, towards a successful financial restructuring of its balance sheet and possible capital raising opportunities. Merrill Lynch will no longer advise the company in this capacity.

In addition, RCN announced that John Dubel, RCN’s President and Chief Operating Officer, will lead the continuing financial restructuring negotiations. Douglas Bradbury, who was appointed in October 2003 to assist in the restructuring effort, has left the company.

Please refer to the company’s restructuring website www.rcntomorrow.com for an update on the restructuring process.

About RCN

RCN Corporation (Nasdaq: RCNC) is the nation’s first and largest facilities-based competitive provider of bundled phone, cable and high speed Internet services delivered over its own fiber-optic local network to consumers in the most densely populated markets in the U.S. RCN Business provides carriers and enterprises with high capacity bandwidth to meet a variety of communications needs. RCN provides service in the Boston, New York, Philadelphia/Lehigh Valley, Chicago, San Francisco, and Washington D.C. metropolitan markets.

About Blackstone Group

The Blackstone Group, a private investment firm with offices in New York, London and Hamburg, was founded in 1985. Blackstone’s Private Equity Group has raised a total of approximately $14 billion across five funds including Blackstone Capital Partners IV, the largest institutional private equity fund ever raised. Blackstone’s Real Estate Group has raised five funds, representing over $6 billion in total equity, and a long track record of investing in hotels and other commercial properties. In addition to Private Equity and Real Estate, The Blackstone Group’s core businesses include, Corporate Debt Investing, Marketable Alternative Asset Management, Mergers and Acquisitions Advisory, and Restructuring and Reorganization Advisory. www.blackstone.com