ICG Files Chapter 11

ENGLEWOOD, Colo. -- ICG Communications, Inc. (ICGX) and certain subsidiaries, announced today that it has filed voluntary petitions for Chapter 11 protection with the U.S. Bankruptcy Court for the District of Delaware. ICG is a telecommunications company and provider of network infrastructure, facilities and management.

"This is a strategic step taken by the company as part of its on-going efforts to restructure and ultimately strengthen the company's balance sheet," said Randall E. Curran, chief executive officer, ICG. "We believe we'll be able to reposition ICG to be a profitable and competitive company well into the future."

The company also announced it has secured a commitment for up to $350 million of new financing from Chase Manhattan Bank of which $200 million is available immediately.

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