Metromedia latest to file for Chapter 11

NEWS Metromedia Fiber Network has filed for bankruptcy after failing to come up with the funds to pay its creditors. The company has stated its operations will continue, though it will use Chapter 11 protection to reorganise. It said UBS Warburg will advise on "strategic alternatives". The decision now is likely to be between finding new backers or selling off its assets, which serve many urban centres in North America and Europe. MFN is among a number of 'alternative' telecoms carriers to file for bankruptcy protection including Global Crossing, Mpower, McLeod USA and Williams Communications.