It's reached Chapter 11 and the story has taken a twist...
Published: 15 January 2002 07:39 GMT
New York-based web-hosting firm Globix is set to file for Chapter 11 bankruptcy protection next month after agreeing a deal with a majority of its bondholders over the restructuring of $600m of debt.
The majority of the company's bondholders agreed to reduce its debt from $600m to $120m and cut interest payments by 1.5 per cent to 11 per cent - thus saving the company around $75m per year in interest payments. Globix's creditors will now receive 85 per cent of its stock.
The remaining 15 per cent will go to preferred shareholders (14 per cent) and common shareholders (one per cent).
Globix, like its rivals in the web-hosting business, has been hit hard by the downturn in the internet sector after the bursting of the dot-com bubble.
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