Less than two years after emerging from bankruptcy protection, RCN Corporation (RCNCQ.PK) maybe put up for sale. Possible bidders include private-equity firms and communications companies.
RCN has a market value of $965 million with 400,000 customers througout New York, Boston, Washington, Chicago, and Los Angeles. RCN has struggled to keep up with and compete against rivals such as Comcast Corp. (CMCSA) and TimeWarner (TWX).
RCN was founded in 1997 and filed for bankruptcy seven years later after failing to sign up enough customers. The bankruptcy cost shareholders, including Microsoft Corp. (MSFT) co-founder Paul Allen, billions of dollars.
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