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RCN Corporation - Company Report
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Company Reports are concise reports that provide a review of the company's activities, corporate strategy and recent developments.
RCN Corporation was founded in 1997 following its spin off from its parent company, C-TEC. RCN earlier operated as a wholly-owned subsidiary of C-TEC. RCN provides video programming (including digital cable and high definition television), data services (including cable modem, high-speed and dial-up Internet access), and local and long-distance telephone primarily to residential customers over a broadband network in densely populated markets in the US. The company operates in the Boston, New York, eastern Pennsylvania, Chicago, San Francisco, Los Angeles, and Washington DC markets. In May 2004, RCN and four of its subsidiaries filed voluntary petitions for reorganisation under Chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the Southern District of New York and in August 2005, a further 10 subsidiaries of RCN filed voluntary petitions for reorganisation under Chapter 11. On December 21, 2004, RCN's plan of reorganisation became effective and RCN and its subsidiaries emerged from Chapter 11 proceedings. Pursuant to the Plan, RCN's consolidated indebtedness and its debt service requirements were reduced substantially, its capital structure was realigned and substantially all of the new equity of RCN was issued to certain of its former creditors. In March 2006, RCN acquired Consolidated Edison Communications Holding Company Inc (CEC), the telecommunications subsidiary of Consolidated Edison Inc. CEC is a competitive local exchange carrier (CLEC) offering a range of broadband-based communications products and services, including business continuity and disaster recovery, to commercial customers in the greater New York metropolitan area. Up until the end of March 2006, RCN held interests in both Megacable S.A. de C.V., a cable television and high-speed data services provider in certain portions of Mexico, and MCM Holding S.A. de C.V., a provider of local voice and high-speed data services in Mexico City. These investments were sold to the investors who owned the remaining 51% of these entities.
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