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Fibre firm fumbles for financing

The light's fading for Metromedia...
Written by Ian Jones, Contributor on

The light's fading for Metromedia...

New York-based fibre-optic network builder Metromedia Fiber Network is embroiled in a last-ditch attempt to secure a $350m line of credit as deadlines loom and the prospects of funding look bleak. The telecoms crisis forced the firm to look outside for cash, and although Citibank has promised $62.5m, it is on condition that it finds at least another $287.5 from other lenders. Metromedia claims to have managed to gather a further $180m, but according to the Financial Times, it has admitted it won't make up the rest in time to meet Citibank's deadline. Shares have fallen back 30 per cent on the news.
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