PRINCETON, N.J., Dec. 22 /PRNewswire-FirstCall/ -- RCN Corporation (Nasdaq: RCNIV - News) announced today that it had consummated its plan of reorganization and formally emerged from Chapter 11. The plan, confirmed on December 8, 2004, by Judge Robert Drain of the Bankruptcy Court in New York, converted approximately $1.2 billion in unsecured obligations into 100% of RCN's new equity, and eliminated approximately $1.8 billion in preferred share obligations.
RCN Corporation 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 provides service in the Boston, New York, Eastern Pennsylvania, Washington, D.C.,
Chicago, San Francisco and Los Angeles metropolitan markets.
On December 22, 2004, the new RCN board of directors met and elected
James F. Mooney as a director of the Company and appointed him Chairman of the board
of directors. In addition, the board of directors appointed Peter D. Aquino to
serve as President and Chief Executive Officer.