Excite@Home Files For Bankruptcy

September 29, 2001 6:30 AM

What was expected for a while now, has happened. Excite@Home has filed for bankrupcty. It's also selling its network to AT&T (which was already a majority owner) for $307 million. Most likely customers should not have any interruption in service.

"This filing is a tool to protect the value of the broadband business for the benefit of the company's financial stakeholders and will help reassure our customers that service will continue uninterrupted through the restructuring process," Patti Hart, Excite@Home chairman and chief executive, said in a statement. "AT&T's offer reflects the value in our network, services, customer base and skilled employees."

In related news, AT&T and Comcast have signed a confidentiality agreement which creates possibilities for further discussion on Comcast's $37.8 billion bid on AT&T Broadband. AT&T isn't really convinced yet at this point that $37.8 billion is enough but there are no companies coming up with any better offers.