NEW YORK -- Metromedia Fiber Network, Inc. (MFN) (Nasdaq: MFNX - news), the leader in deployment of optical IP Internet infrastructure within key metropolitan areas domestically and internationally, announced today that its commitment letter from Citicorp USA has been extended from July 31, 2001 to August 15, 2001. Pursuant to the commitment letter, Citicorp is committed to providing $62.5 million subject to (i) the receipt of commitments from other sources in the amount of $287.5 million and (ii) the receipt of $200 million of vendor financing. The Company has received commitments from affiliates for $180 million of the $287.5 million. The affiliates' commitments are subject to the closing of $200 million of vendor financing, the negotiations for which are on-going, and the closing of the Citicorp facility. The Company cannot provide any assurance that it will obtain the financing it seeks. "We're very aware that the investment community is focused on the Company's funding situation," said Nick Tanzi, president and chief operating officer. "We're working extremely hard to obtain this financing in a challenging funding environment. We are dedicated to overcoming this obstacle." Metromedia Fiber Network Inc. (MFN)