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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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Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.