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News > Deals
Excite to file for Ch. 11
September 28, 2001: 7:47 p.m. ET

Excite@Home to file for bankruptcy protection, sell broadband assets to AT&T
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NEW YORK (CNNfn) - Excite@Home will now be at home with AT&T.

The broadband company said Friday it is filing for bankruptcy protection and selling "essentially" all of its broadband Internet access business to AT&T (T: up $0.60 to $19.30, Research, Estimates) for $307 million.

Excite@Home (ATHM: up $0.02 to $0.15, Research, Estimates) said the Chapter 11 filing will enable the company to continue its high-speed Internet access business during the sale.

The sale could change if there are other higher bids, and it requires the approval of the bankruptcy court, among other conditions.

"AT&T's offer reflects the value in our network, services, customer base and skilled employees," said Patti Hart, Excite@Home chairman and CEO, in a statement.

On Tuesday the company laid off 500 workers in an effort to save cash.

In an unrelated move, AT&T on Friday signed a confidentiality agreement with Comcast (CMCSK: up $0.57 to $35.87, Research, Estimates) which will revive negotiations for Comcast's purchase of AT&T Broadband. Attempts to reach Comcast for comment on the Excite sale were unsuccessful. graphic





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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.