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     <!-- Project:        I:\CONVER\ny12547.eep                                            -->
     <!-- Control Number: ny12547                                                          -->
     <!-- Rev Number:     023430/55                                                        -->
     <!-- Client Name:    RCN Corporation                                                  -->
     <!-- Project Name:   8K                                                               -->
     <!-- Firm Name:      Joseph Rotter                                                    -->
     <TITLE>RCN Corporation 8K</TITLE>
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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED
STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>Washington, D.C. 20549  </FONT></H1></TD></TR>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>FORM
8-K  </FONT></H1></TD></TR>
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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CURRENT
REPORT<BR>Pursuant to Section 13 or 15(d) of the<BR> Securities Exchange Act of 1934  </FONT></H1></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>February 17, 2004 (February 14, 2004)<!-- DATE --></B></FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date of Report (Date of earliest event reported) </FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>RCN Corporation <!-- Name of Registrant --></B></FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Exact Name of Registrant as Specified in Charter)</FONT></TD></TR>
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<td Align=CENTER Width=33%><Font Face="Times New Roman, Times, Serif" Size=2><B>Delaware<!-- State--></B> </font></td>
<td Align=CENTER Width=34%><Font Face="Times New Roman, Times, Serif" Size=2><B>0-22825<!-- File No.--></B> </font></td>
<td Align=CENTER Width=33%><Font Face="Times New Roman, Times, Serif" Size=2><B>22-3498533<!-- Irs No.--></B> </font></td>
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<td Align=CENTER><Hr Size=1 Noshade Width=100%></td>
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<td Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=2>(State or Other Jurisdiction <br>of Incorporation or Organization)
</font></td>
<td Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=2>(Commission<br>File Number) </font></td>
<td Align=CENTER><Font Face="Times New Roman, Times, Serif" Size=2>(IRS Employer<br> Identification No.) </font></td>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>
    105 Carnegie Center
 Princeton, NJ 08540-6215<!-- ADDRESS --></B></FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Address of principal executive offices, including zip code) </FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>(609) 734-3700<!-- TELEPHONE NO. --></B></FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Registrant's Telephone Number, including Area Code)</FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Not Applicable<!-- FORMER NAME OR ADDRESS --></B></FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">(Former Name or Former Address, if Changed Since Last Report) </FONT></TD></TR>
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<TD WIDTH=13%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 5. </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Other Events and Required FD Disclosure </FONT></TD>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
February 14, 2004, RCN Corporation ("RCN") announced that it is continuing financial
restructuring negotiations.   The press release with respect thereto is attached hereto
as Exhibit 99.1. </FONT></TD></TR>
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<TD WIDTH=13%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Item 7. </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
         Financial Statements and Exhibits. </FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>         (a) </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;Exhibits </FONT></TD>
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<TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="16%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>                  Exhibit 99.1</FONT></TD>
<TD WIDTH="68%"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
     RCN Corporation Press Release dated February 14, 2004. </FONT></TD>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.  </FONT></TD></TR>
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    <TD WIDTH="52%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="48%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">
RCN
Corporation
<!-- COMPANY --> </FONT></TD>
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    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
    <TD WIDTH="39%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; <!-- DATE--> </FONT></TD>
    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="48%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;/s/ Terrell Wingfield, Jr.<!-- NAME --> </FONT></TD>
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    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD> <HR NOSHADE SIZE="1"> </TD>
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    <TD WIDTH="52%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="48%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Name:&nbsp; Terrell Wingfield, Jr. <!-- NAME --></FONT></TD>
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  <TR VALIGN="BOTTOM">
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Title:&nbsp;&nbsp;&nbsp;&nbsp;General Counsel and Corporate Secretary<!-- TITLE --></FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date: &nbsp;&nbsp;February
17, 2003 </FONT></TD></TR></TABLE><BR>

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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT
INDEX </FONT></TD></TR>
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<TD WIDTH=13%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No. </FONT></TD>
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<TD WIDTH=13%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.1  </FONT></TD>
<TD WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RCN
Corporation Press Release dated February 14, 2004. </FONT></TD>
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<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit
99.1 </FONT></TD></TR>
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<FONT FACE="Times New Roman, Times, Serif" SIZE=2>105
Carnegie Center<BR>Princeton, NJ 08540 </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Contact:<BR> Ellen
Gonda, Brunswick Group, 212-333-3810<BR> Barak Bar-Cohen, RCN Public Relations, 609-919-8144<BR>
Jim Downing, RCN Investor Relations, 609-734-3718 </FONT></TD></TR></TABLE><BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Restructuring
Information: www.rcntomorrow.com </FONT></P></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RCN
HOLDING COMPANY CONTINUES<BR>FINANCIAL RESTRUCTURING NEGOTIATIONS </FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Determines
Not to Make Interest Payment on 10 1/8% Senior Notes<BR>Enters into Forbearance
Agreements with Senior Lenders<BR>And
Noteholders Committee<BR>Defers Decision to Make Interest Payment Scheduled<BR>For February
15, 2004 on 9.80% Senior Discount Notes </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PRINCETON,
NJ &#151; February 14, 2004 &#151; RCN Corporation (Nasdaq: RCNC) announced today that the
Company is continuing negotiations on a collaborative basis with its senior secured
lenders (the &#147;Lenders&#148;), an ad hoc committee of holders of its Senior Notes (the
&#147;Noteholders&#146; Committee&#148;) and others regarding a consensual financial
restructuring of its balance sheet. RCN said that it is hopeful that these negotiations
will lead to agreement on a successful consensual financial restructuring plan in the near
term, although there is no assurance this will occur. In connection with these
negotiations, RCN will not make the approximately $10.3 million interest payment due
January 15, 2004 on its 10 1/8% Senior Notes due 2010 (the &#147;10 1/8 % Senior
Notes&#148;) within the 30-day grace period provided under the indenture governing the 10
1/8 % Senior Notes. RCN previously announced on January 15, 2004, that as part of its
ongoing financial restructuring negotiations, it had chosen to defer the decision to make
the interest payment on its 10 1/8% Senior Notes. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
view of the continuing financial restructuring negotiations, RCN, the Lenders and members
of the Noteholders Committee have entered into forbearance agreements under which the
Lenders and members of the Noteholders&#146; Committee have agreed not to declare any
Events of Default, which they would be entitled but not required to do, under RCN&#146;s
senior credit facilities or RCN&#146;s senior notes, respectively, as a result of RCN not
making the interest payment on the 10 1/8 % Senior Notes prior to the end of the grace
period. If such declarations were made, the indebtedness would become immediately due and
payable. These forbearance agreements will expire on March 1, 2004, unless extended. </FONT></TD></TR></TABLE><BR>


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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RCN
Corporation, the parent holding company, said that it expects any financial restructuring
to be implemented through reorganization under chapter 11. RCN believes that a consensual
financial restructuring pursuant to a chapter 11 reorganization would achieve the most
successful financial outcome for the holding company and its constituents. RCN does not
intend that its market operating subsidiaries be included in such a chapter 11 filing.
Additionally, it is anticipated that a filing at the holding company level would not have
any adverse effect on customers and vendors. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;We
will continue to negotiate the terms of a financial restructuring with our senior lenders,
noteholders and others during the time afforded us by the forbearance arrangements, and we
expect to maintain normal operations throughout the financial restructuring process,&#148;
said David C. McCourt, Chairman and Chief Executive Officer of RCN. &#148; We will
continue to provide our customers with the same high-quality bundled services and superior
customer service without any interruption, and will continue to act responsibly towards
our employees and vendors.&#148; </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;This
has been and will be a difficult process, but we believe it will positively impact our
operating companies, vendors, customers, and employees and in an effort to communicate
directly with these important constituents, we are launching www.rcntomorrow.com which
will provide updates on where we are in the restructuring process,&#148; said Mr. McCourt.
&#147;We expect to emerge from any consensual restructuring as a stronger, more viable and
more competitive company, positioned for long-term success.&#148; </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RCN&#146;s
objective is to reach agreement on a consensual financial restructuring plan during the
current forbearance period. RCN is encouraged as to the prospect of doing so. If however,
discussions were to proceed beyond that period or were to end, additional forbearance,
waiver and/or amendment agreements would be needed to support continuing operations. In
addition, in the absence of an agreement on a consensual financial restructuring upon
expiration of the forbearance agreements, the Lenders and members of the Noteholders&#146;
Committee who hold 10 1/8% Senior Notes would be entitled, but not required, to declare
RCN&#146;s senior credit facilities and the outstanding 10 1/8% Senior Notes,
respectively, immediately due and payable. Any acceleration of amounts due under
RCN&#146;s senior credit facilities or the 10 1/8% Senior Notes would, due to cross
default provisions in the Company&#146;s indentures governing its other senior notes,
entitle, but not require, the holders of other senior notes to declare the Company&#146;s
other senior notes immediately due and payable if they so choose. Holders of 10 1/8%
Senior Notes that are not members of the Noteholders&#146; Committee are not subject to
the terms of the forbearance agreements. If acceleration of the Company&#146;s senior
credit facilities and 10 1/8% Senior Notes were to occur, RCN would not, based on current
and expected liquidity, have sufficient cash to pay the amounts that would be payable. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Although
RCN is actively pursuing discussions towards a final agreement on a consensual financial
restructuring, there can be no assurance that such an agreement will ultimately be
reached, that RCN would be able to obtain further extensions of its forbearance agreements
with the Lenders and members of the Noteholders&#146; Committee, or that a holders of 10
1/8% Senior Notes that are not members of the Noteholders&#146; Committee will not declare
an Event of Default under the 10 1/8% Senior Notes (which would terminate the forbearance
agreement with Lenders), or seek other remedies available under applicable law or the
terms of the 10 1/8% Senior Notes, prior to such time. RCN will continue to apply
substantial effort and resources to reaching a formal agreement on a consensual financial
restructuring while also continuing to evaluate the best alternatives for RCN under
current circumstances and as discussions and events unfold. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Since
financial restructuring negotiations are ongoing, the treatment of existing creditor and
stockholder interests in the company is uncertain at this time. However, RCN has said that
the restructuring will likely result in a conversion of a substantial portion of its
outstanding Senior Notes into equity and an extremely significant, if not complete,
dilution of current equity. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RCN
also said that it has chosen to defer the decision to make an interest payment scheduled
to be made on February 15, 2004, of approximately $14.2 million with respect to its 9.80%
Senior Discount Notes Due 2008 (the &#147;9.80% Senior Notes&#148;). In the event that RCN
does not make this interest payment within 30 days beginning February 15, 2004, an Event
of Default would arise with respect to the 9.80% Senior Notes and entitle, but not
require, holders thereof to declare the outstanding 9.80% Senior Notes immediately due and
payable. </FONT></TD></TR></TABLE><BR>

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<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For
additional information about the restructuring process, please visit<BR> www.rcntomorrow.com. </FONT></TD></TR></TABLE><BR>

<!-- MARKER FORMAT-SHEET="Head Left 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ABOUT
RCN CORPORATION </FONT></P></TD></TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RCN
Corporation (Nasdaq:RCNC) is the nation&#146;s first and largest facilities-based
competitive provider of bundled phone, cable and high speed internet services delivered
over its own fiber-optic local network to consumers in the most densely populated markets
in the U.S. RCN has more than one million customer connections and provides service in
Boston, New York, Philadelphia/Lehigh Valley, Chicago, San Francisco, Los Angeles and
Washington, D.C. metropolitan markets. </FONT></TD></TR></TABLE><BR>

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<TR VALIGN=TOP>
<TD>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>WHERE
YOU CAN FIND MORE INFORMATION </FONT></P></TD></TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We,
as a reporting company, are subject to the informational requirements of the Exchange Act
and accordingly file our annual report on Form 10-K, quarterly reports on Form 10-Q, </FONT></TD></TR></TABLE><BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>current
reports on Form 8-K, proxy statements and other information with the SEC. You may read and
copy any materials filed with the SEC at the SEC&#146;s Public Reference Room at 450 Fifth
Street, NW, Washington, D.C. 20549. Please call the SEC at (800) SEC-0330 for further
information on the Public Reference Room. As an electronic filer, our public filings are
maintained on the SEC&#146;s Internet site that contains reports, proxy and information
statements, and other information regarding issuers that file electronically with the SEC.
The address of that website is http://www.sec.gov. In addition, our annual report on Form
10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those
reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act may be
accessed free of charge through our website as soon as reasonably practical after we have
electronically filed such material with, or furnished it to, the SEC. Since September 30,
2003, all reports pursuant to the Exchange Act that we have filed with, or furnished to,
the SEC have been timely posted on our website. The address of that website is
www.rcn.com/investor/secfilings.php. </FONT></TD></TR></TABLE><BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RCN
FORWARD-LOOKING STATEMENTS </FONT></P></TD></TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Some
of the statements made by RCN in these statements are forward-looking in nature. Actual
results may differ materially from those projected in forward-looking statements as a
result of a number of factors. RCN believes that the primary factors include, but are not
limited to, the ability successfully to complete a financial restructuring on a consensual
basis with some or all of RCN&#146;s relevant constituents or otherwise successfully to
reorganize, availability of financing, ability to obtain regulatory approvals, uncertainty
relating to economic conditions, ability to attract and retain qualified management and
other personnel, changes in government and regulatory policies, pricing and availability
of equipment, materials, inventory and programming, our ability to meet the requirements
in our franchise agreements, the number of potential customers in a target market, the
completion of acquisitions or divestitures, acceptance of the Company&#146;s services,
development and implementation of business support systems for provisioning and billing,
the availability and success of strategic alliances or relationships, ability to overcome
significant operating losses, RCN&#146;s ability to develop and penetrate existing and new
markets, technological developments and changes in the industry, changes in the
competitive environment in which RCN operates and RCN&#146;s ability to adequately
identify and disclose material information in future filings with the Securities and
Exchange Commission. Statements in this press release should be evaluated in light of
these important factors. </FONT></TD></TR></TABLE><BR>

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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>### </FONT></TD></TR>
</TABLE>
<BR>

</BODY>
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RCN Corporation 8K
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
February 17, 2004 (February 14, 2004)
Date of Report (Date of earliest event reported)
RCN Corporation
(Exact Name of Registrant as Specified in Charter)
Delaware
0-22825
22-3498533
(State or Other Jurisdiction
of Incorporation or Organization)
(Commission
File Number)
(IRS Employer
Identification No.)
105 Carnegie Center
 Princeton, NJ 08540-6215
(Address of principal executive offices, including zip code)
(609) 734-3700
(Registrant's Telephone Number, including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Item 5.
Other Events and Required FD Disclosure
On
February 14, 2004, RCN Corporation ("RCN") announced that it is continuing financial
restructuring negotiations.   The press release with respect thereto is attached hereto
as Exhibit 99.1.
Item 7.
Financial Statements and Exhibits.
(a)
Exhibits
Exhibit 99.1
RCN Corporation Press Release dated February 14, 2004.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
RCN
Corporation
/s/ Terrell Wingfield, Jr.
Name:  Terrell Wingfield, Jr.
Title:    General Counsel and Corporate Secretary
Date:   February
17, 2003
EXHIBIT
INDEX
Exhibit
No.
99.1
RCN
Corporation Press Release dated February 14, 2004.
Exhibit
99.1
105
Carnegie Center
Princeton, NJ 08540
Contact:
Ellen
Gonda, Brunswick Group, 212-333-3810
Barak Bar-Cohen, RCN Public Relations, 609-919-8144
Jim Downing, RCN Investor Relations, 609-734-3718
Restructuring
Information: www.rcntomorrow.com
RCN
HOLDING COMPANY CONTINUES
FINANCIAL RESTRUCTURING NEGOTIATIONS
Determines
Not to Make Interest Payment on 10 1/8% Senior Notes
Enters into Forbearance
Agreements with Senior Lenders
And
Noteholders Committee
Defers Decision to Make Interest Payment Scheduled
For February
15, 2004 on 9.80% Senior Discount Notes
PRINCETON,
NJ — February 14, 2004 — RCN Corporation (Nasdaq: RCNC) announced today that the
Company is continuing negotiations on a collaborative basis with its senior secured
lenders (the "Lenders"), an ad hoc committee of holders of its Senior Notes (the
"Noteholders' Committee") and others regarding a consensual financial
restructuring of its balance sheet. RCN said that it is hopeful that these negotiations
will lead to agreement on a successful consensual financial restructuring plan in the near
term, although there is no assurance this will occur. In connection with these
negotiations, RCN will not make the approximately $10.3 million interest payment due
January 15, 2004 on its 10 1/8% Senior Notes due 2010 (the "10 1/8 % Senior
Notes") within the 30-day grace period provided under the indenture governing the 10
1/8 % Senior Notes. RCN previously announced on January 15, 2004, that as part of its
ongoing financial restructuring negotiations, it had chosen to defer the decision to make
the interest payment on its 10 1/8% Senior Notes.
In
view of the continuing financial restructuring negotiations, RCN, the Lenders and members
of the Noteholders Committee have entered into forbearance agreements under which the
Lenders and members of the Noteholders' Committee have agreed not to declare any
Events of Default, which they would be entitled but not required to do, under RCN's
senior credit facilities or RCN's senior notes, respectively, as a result of RCN not
making the interest payment on the 10 1/8 % Senior Notes prior to the end of the grace
period. If such declarations were made, the indebtedness would become immediately due and
payable. These forbearance agreements will expire on March 1, 2004, unless extended.
RCN
Corporation, the parent holding company, said that it expects any financial restructuring
to be implemented through reorganization under chapter 11. RCN believes that a consensual
financial restructuring pursuant to a chapter 11 reorganization would achieve the most
successful financial outcome for the holding company and its constituents. RCN does not
intend that its market operating subsidiaries be included in such a chapter 11 filing.
Additionally, it is anticipated that a filing at the holding company level would not have
any adverse effect on customers and vendors.
"We
will continue to negotiate the terms of a financial restructuring with our senior lenders,
noteholders and others during the time afforded us by the forbearance arrangements, and we
expect to maintain normal operations throughout the financial restructuring process,"
said David C. McCourt, Chairman and Chief Executive Officer of RCN. " We will
continue to provide our customers with the same high-quality bundled services and superior
customer service without any interruption, and will continue to act responsibly towards
our employees and vendors."
"This
has been and will be a difficult process, but we believe it will positively impact our
operating companies, vendors, customers, and employees and in an effort to communicate
directly with these important constituents, we are launching www.rcntomorrow.com which
will provide updates on where we are in the restructuring process," said Mr. McCourt.
"We expect to emerge from any consensual restructuring as a stronger, more viable and
more competitive company, positioned for long-term success."
RCN's
objective is to reach agreement on a consensual financial restructuring plan during the
current forbearance period. RCN is encouraged as to the prospect of doing so. If however,
discussions were to proceed beyond that period or were to end, additional forbearance,
waiver and/or amendment agreements would be needed to support continuing operations. In
addition, in the absence of an agreement on a consensual financial restructuring upon
expiration of the forbearance agreements, the Lenders and members of the Noteholders'
Committee who hold 10 1/8% Senior Notes would be entitled, but not required, to declare
RCN's senior credit facilities and the outstanding 10 1/8% Senior Notes,
respectively, immediately due and payable. Any acceleration of amounts due under
RCN's senior credit facilities or the 10 1/8% Senior Notes would, due to cross
default provisions in the Company's indentures governing its other senior notes,
entitle, but not require, the holders of other senior notes to declare the Company's
other senior notes immediately due and payable if they so choose. Holders of 10 1/8%
Senior Notes that are not members of the Noteholders' Committee are not subject to
the terms of the forbearance agreements. If acceleration of the Company's senior
credit facilities and 10 1/8% Senior Notes were to occur, RCN would not, based on current
and expected liquidity, have sufficient cash to pay the amounts that would be payable.
Although
RCN is actively pursuing discussions towards a final agreement on a consensual financial
restructuring, there can be no assurance that such an agreement will ultimately be
reached, that RCN would be able to obtain further extensions of its forbearance agreements
with the Lenders and members of the Noteholders' Committee, or that a holders of 10
1/8% Senior Notes that are not members of the Noteholders' Committee will not declare
an Event of Default under the 10 1/8% Senior Notes (which would terminate the forbearance
agreement with Lenders), or seek other remedies available under applicable law or the
terms of the 10 1/8% Senior Notes, prior to such time. RCN will continue to apply
substantial effort and resources to reaching a formal agreement on a consensual financial
restructuring while also continuing to evaluate the best alternatives for RCN under
current circumstances and as discussions and events unfold.
Since
financial restructuring negotiations are ongoing, the treatment of existing creditor and
stockholder interests in the company is uncertain at this time. However, RCN has said that
the restructuring will likely result in a conversion of a substantial portion of its
outstanding Senior Notes into equity and an extremely significant, if not complete,
dilution of current equity.
RCN
also said that it has chosen to defer the decision to make an interest payment scheduled
to be made on February 15, 2004, of approximately $14.2 million with respect to its 9.80%
Senior Discount Notes Due 2008 (the "9.80% Senior Notes"). In the event that RCN
does not make this interest payment within 30 days beginning February 15, 2004, an Event
of Default would arise with respect to the 9.80% Senior Notes and entitle, but not
require, holders thereof to declare the outstanding 9.80% Senior Notes immediately due and
payable.
For
additional information about the restructuring process, please visit
www.rcntomorrow.com.
ABOUT
RCN CORPORATION
RCN
Corporation (Nasdaq:RCNC) is the nation's first and largest facilities-based
competitive provider of bundled phone, cable and high speed internet services delivered
over its own fiber-optic local network to consumers in the most densely populated markets
in the U.S. RCN has more than one million customer connections and provides service in
Boston, New York, Philadelphia/Lehigh Valley, Chicago, San Francisco, Los Angeles and
Washington, D.C. metropolitan markets.
WHERE
YOU CAN FIND MORE INFORMATION
We,
as a reporting company, are subject to the informational requirements of the Exchange Act
and accordingly file our annual report on Form 10-K, quarterly reports on Form 10-Q,
current
reports on Form 8-K, proxy statements and other information with the SEC. You may read and
copy any materials filed with the SEC at the SEC's Public Reference Room at 450 Fifth
Street, NW, Washington, D.C. 20549. Please call the SEC at (800) SEC-0330 for further
information on the Public Reference Room. As an electronic filer, our public filings are
maintained on the SEC's Internet site that contains reports, proxy and information
statements, and other information regarding issuers that file electronically with the SEC.
The address of that website is http://www.sec.gov. In addition, our annual report on Form
10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those
reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act may be
accessed free of charge through our website as soon as reasonably practical after we have
electronically filed such material with, or furnished it to, the SEC. Since September 30,
2003, all reports pursuant to the Exchange Act that we have filed with, or furnished to,
the SEC have been timely posted on our website. The address of that website is
www.rcn.com/investor/secfilings.php.
RCN
FORWARD-LOOKING STATEMENTS
Some
of the statements made by RCN in these statements are forward-looking in nature. Actual
results may differ materially from those projected in forward-looking statements as a
result of a number of factors. RCN believes that the primary factors include, but are not
limited to, the ability successfully to complete a financial restructuring on a consensual
basis with some or all of RCN's relevant constituents or otherwise successfully to
reorganize, availability of financing, ability to obtain regulatory approvals, uncertainty
relating to economic conditions, ability to attract and retain qualified management and
other personnel, changes in government and regulatory policies, pricing and availability
of equipment, materials, inventory and programming, our ability to meet the requirements
in our franchise agreements, the number of potential customers in a target market, the
completion of acquisitions or divestitures, acceptance of the Company's services,
development and implementation of business support systems for provisioning and billing,
the availability and success of strategic alliances or relationships, ability to overcome
significant operating losses, RCN's ability to develop and penetrate existing and new
markets, technological developments and changes in the industry, changes in the
competitive environment in which RCN operates and RCN's ability to adequately
identify and disclose material information in future filings with the Securities and
Exchange Commission. Statements in this press release should be evaluated in light of
these important factors.
###