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Aerie Networks is in negotiations to buy half the equipment that once powered Metricom's Ricochet wireless Internet service, and could finalize plans by next week.
The remnants of the company's $1 billion high-speed wireless network is sold to Aerie Networks. Will portions of the Ricochet network be restored?
The broadband provider is once again trying to buy the remaining assets of bankrupt Metricom, which offered the high-speed wireless "Ricochet" Internet service.
The bankrupt owner of the high-speed Ricochet network has spurned an offer from Denver-based Aerie Networks, but the companies are still in talks, according to an Aerie spokeswoman.
SAN JOSE, Calif.--Negotiations between Metricom and potential buyers of Metricom's Ricochet wireless Internet network continued Monday. The company was expected to name the buyers in a Monday bankruptcy court hearing. However, the continued negotiations have forced that disclosure to be delayed until at least Thursday and perhaps even later, according to a Metricom spokesman. Metricom filed for bankruptcy protection earlier this month. Court records show the company is $1 billion in debt.
An auction to sell off the company's assets is completed in less than three hours, but details of the sale won't be available until next week.
The company's assets could be sold for as little as $30 million at a bankruptcy auction later this week, according to new court filings.
Metricom will silence a 17-city network that will likely be auctioned off for just a fraction of its $1 billion price tag.
The company will shut down its pioneering Ricochet wireless Internet service next week because it has failed to find a buyer for the company.
The Ricochet wireless Internet service provider has a $1 billion trail of debt, including $300 million owed to bondholders and hundreds of millions to WorldCom, according to court records.