Icahn Partnership Raises XO Offer
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Carl C. Icahn’s High River Limited Partnership boosted its offer to buy as much as $331 million of the senior secured loans of XO Communications Inc., a telephone and Internet service provider that filed for bankruptcy protection earlier this year.
High River said it will pay 70 cents on the dollar for the loans, an offer that expires Friday. XO, which was founded by Craig McCaw, filed for Chapter 11 bankruptcy protection in June.
XO shares were unchanged at about 2 cents in over-the-counter trading.
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