Mpower Holding Retains Rothschild Inc. to Assist in Exploring Options to Strengthen its Balance Sheet and Advise on Issues Related to Bondholder Litigation
ROCHESTER, NY - August 23, 2001 - Mpower Holding Corporation (Nasdaq: MPWR) today announced it has retained the investment banking firm Rothschild Inc. to assist the Company in an ongoing exploration of options to strengthen the Company's balance sheet and to advise the Company on issues related to pending bondholder litigation.
"Given today's challenging market environment, we are taking steps to ensure that we are able to proceed with our business plan on a fully funded basis. We have retained Rothschild to assist us in continuing to explore alternatives to strengthen our balance sheet," said Mpower Communications Chief Executive Officer Rolla P. Huff. "Rothschild will also advise us on issues surrounding a groundless lawsuit brought by one of our bondholders. We have filed a motion in New York State Supreme Court to dismiss that suit."
About Mpower Holding Corporation
Mpower Holding Corporation (Nasdaq: MPWR) is the parent company of Mpower Communications, a facilities-based broadband communications provider offering a full range of data, telephony, Internet access and Web hosting services for small and medium-size business customers. Further information about the company can be found at www.mpowercom.com.
