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     <!-- Control Number: form8k                                                             -->
     <!-- Filing Type:    8k                                                                 -->
     <!-- Client Name:    1st Page                                                           -->
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED
STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR><BR>Washington, D.C. 20549  </FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM 8-K  <BR>CURRENT REPORT</FONT></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to Section 13 or 15(d) of the<BR> Securities Exchange Act of 1934  </FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">March 16, 2004 (March 15, 2004)</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">RCN Corporation</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 its Charter)</FONT></TD></TR>
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<TD WIDTH="33%" ALIGN="CENTER"><Font Face="Times New Roman, Times, Serif" Size=2>Delaware</font></td>
<TD WIDTH="34%" ALIGN="CENTER"><Font Face="Times New Roman, Times, Serif" Size=2>0-22825</font></td>
<TD WIDTH="33%" ALIGN="CENTER"><Font Face="Times New Roman, Times, Serif" Size=2>22-3498533</font></td>
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<TD ALIGN="CENTER"><Hr Size=1 Noshade></td>
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<TD ALIGN="CENTER"><Hr Size=1 Noshade></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">
105 Carnegie Center <BR>
Princeton, NJ 08540-6215
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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">(609) 734-3700</FONT></TD></TR>
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     <TD WIDTH="600" ALIGN="CENTER"><HR NOSHADE SIZE=1></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">Not Applicable<!-- FORMER NAME OR ADDRESS --></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=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 5.</FONT></TD>
<TD WIDTH=90%><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
March 15, 2004, RCN Corporation announced that negotiations with its senior secured
lenders (the &#147;Lenders&#148;), members of an ad hoc committee of holders of its Senior
Notes (the &#147;Noteholders&#146; Committee&#148;) and others on a consensual financial
restructuring of its balance sheet are continuing. In connection with the continuing
negotiations, RCN Corporation, the Lenders and members of the Noteholders&#146; Committee
have agreed to extend expiration of their previously announced forbearance agreements
until April 1, 2004. In addition, RCN Corporation will not make the approximately $14.2
million interest payment that was scheduled to be made on February 15, 2004 in respect of
its 9.8% Senior Discount Notes Due 2008. RCN Corporation also announced that it would not
file its annual report on Form 10-K for 2003 on March 15, 2004 and that it had filed a
Notification of Late Filing on Form 12b-25 with the Securities and Exchange Commission.
The press release with respect thereto is attached hereto as Exhibit 99.1. </FONT></TD></TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Item7. </FONT></TD>
<TD WIDTH=92%><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=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibits</FONT></TD>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></TD>
<TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;RCN Corporation Press Release dated March 15, 2004.</FONT></TD>
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<FONT FACE="Times New Roman, Times, Serif" SIZE=2> 2</FONT></TD></TR></TABLE>

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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="44%"><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 </FONT></TD>
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    <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="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: </FONT></TD>
    <TD WIDTH="43%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;/s/ W. Terrell Wingfield, Jr.  </FONT></TD>
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    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD>&nbsp; </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>
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    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Name: </FONT></TD>
    <TD WIDTH="35%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">W. Terrell Wingfield, Jr.</FONT></TD>
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    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD VALIGN="TOP"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Title:</FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">General Counsel and Corporate Secretary</FONT></TD></TR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date: March 16, 2004 </FONT></P></TD></TR>
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<FONT FACE="Times New Roman, Times, Serif" SIZE=2> 3</FONT></TD></TR></TABLE>

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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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<TH COLSPAN=1>Exhibit <BR>No.</TH></tr>
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     <TD WIDTH=15% ALIGN=center>99.1</TD>
     <TD WIDTH=85% ALIGN=LEFT>RCN Corporation Press Release dated March 15, 2004.</TD>
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<FONT FACE="Times New Roman, Times, Serif" SIZE=2> 4</FONT></TD></TR></TABLE>

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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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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Contact:<BR>
Barak Bar-Cohen, RCN Public Relations, 609-919-8144 <BR>Jim Downing, RCN Investor Relations,
609-734-3718 </FONT></P></TD></TR>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Restructuring
Information:  <U> www.rcntomorrow.com</U> </FONT></P></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>RCN
Continues Financial Restructuring Negotiations;<BR>Extends Forbearance Agreements with Senior
Lenders <BR>and Noteholders Committee </B><BR><I> Company Elects to File Notification of Late Filing
of 10-K With SEC</I> </FONT></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PRINCETON,
N.J., March 15, 2004 &#151;</B> RCN Corporation (Nasdaq: RCNC) announced today that the
negotiations with its senior secured lenders (the &#147;Lenders&#148;), members of an ad
hoc committee of holders of its Senior Notes (the &#147;Noteholders&#146; Committee&#148;)
and others on a consensual financial restructuring of its balance sheet are continuing. In
connection with the continuing negotiations, the Company, the Lenders and members of the
Noteholders&#146; Committee have agreed to extend expiration of their previously announced
forbearance agreements until April 1, 2004. In addition, the Company will not make the
approximately $14.2 million interest payment that was scheduled to be made on February 15,
2004 in respect of its 9.8% Senior Discount Notes Due 2008 (the &#147;9.8% Senior
Notes&#148;). The Company remains hopeful that the continuing negotiations will lead to
agreement on a consensual financial restructuring plan in the near term, although there is
no assurance this will occur. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Under
the extended forbearance agreements, 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 the Company&#146;s senior credit facilities or the
Company&#146;s senior notes, respectively, as a result of the Company not making an
interest payment on its 10 1/8% Senior Notes due 2010 (the &#147;10 1/8% Senior
Notes&#148;) or its 9.8% Senior Notes due 2008 and certain other defaults. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RCN
has said that it expects any financial restructuring to be implemented through a
reorganization of the Company under chapter 11. The Company believes that a consensual
financial restructuring pursuant to a chapter 11 reorganization would achieve the most
successful financial outcome for the company and its constituents. RCN anticipates that a
chapter 11 filing would occur at the holding company level and does not intend that its
market operating subsidiaries be included in such a filing, although there is no assurance </FONT></TD></TR></TABLE><BR>

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<FONT FACE="Times New Roman, Times, Serif" SIZE=2> 5</FONT></TD></TR></TABLE>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>this
will occur. Additionally, it is anticipated that a filing at the holding company level
would not have any adverse effect on customer service levels. 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&#146;s
objective is to reach agreement on a consensual financial restructuring plan during the
current forbearance period. If financial restructuring negotiations were to proceed beyond
that period or were to end, however, additional forbearance, waiver and/or amendment
agreements would be needed to support RCN&#146;s 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 and 9.8% Senior Notes would be entitled, but not required, to
declare RCN&#146;s senior credit facilities and the outstanding 10 1/8% Senior Notes and
9.8% Senior Notes, respectively, immediately due and payable. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Any
acceleration of amounts due under RCN&#146;s senior credit facilities or the 10 1/8%
Senior Notes or the 9.8% 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 or the 9.8% 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 or the 9.8% 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 holders of 10
1/8% Senior Notes or the 9.8% 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 or the 9.8%
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 or the
9.8% 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>RCN
also announced that it would not file its annual report on Form 10-K for 2003 on March 15,
2004 and that it had filed a Notification of Late Filing on Form 12b-25 with the
Securities and Exchange Commission. As disclosed in the Notification of Late Filing the
Company&#146;s delay in filing its Form 10-K is related to the continuing financial
restructuring negotiations. The Company believes it will be able to file its Form 10-K on
or before March 30, 2004. </FONT></TD></TR></TABLE><BR>

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

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<TD>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ABOUT
RCN CORPORATION </FONT></P></TD></TR>
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<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RCN
Corporation (Nasdaq: RCNC &#151; News) 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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<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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<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,
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 <U>www.rcn.com/investor/secfilings.php.</U> </FONT></TD></TR></TABLE><BR>

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<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 </FONT></TD></TR></TABLE><BR>


<BR>
<BR>
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<FONT FACE="Times New Roman, Times, Serif" SIZE=2> 7</FONT></TD></TR></TABLE>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
result of a number of factors. RCN believes that the primary factors include, but are not
limited to, the ability to successfully 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>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Restructuring
Information: <U>www.rcntomorrow.com</U> </FONT></P></TD></TR>
</TABLE>
<BR>

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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>#&nbsp;#&nbsp;# </FONT></TD></TR>
</TABLE>
<BR>
<BR><BR><BR>
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</HTML>
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8K Form
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
March 16, 2004 (March 15, 2004)
Date
of Report (Date of earliest event reported)
RCN Corporation
(Exact Name of Registrant as Specified in its 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
March 15, 2004, RCN Corporation announced that negotiations with its senior secured
lenders (the "Lenders"), members of an ad hoc committee of holders of its Senior
Notes (the "Noteholders' Committee") and others on a consensual financial
restructuring of its balance sheet are continuing. In connection with the continuing
negotiations, RCN Corporation, the Lenders and members of the Noteholders' Committee
have agreed to extend expiration of their previously announced forbearance agreements
until April 1, 2004. In addition, RCN Corporation will not make the approximately $14.2
million interest payment that was scheduled to be made on February 15, 2004 in respect of
its 9.8% Senior Discount Notes Due 2008. RCN Corporation also announced that it would not
file its annual report on Form 10-K for 2003 on March 15, 2004 and that it had filed a
Notification of Late Filing on Form 12b-25 with the Securities and Exchange Commission.
The press release with respect thereto is attached hereto as Exhibit 99.1.
Item7.
Financial Statements and Exhibits.
(a)
Exhibits
Exhibit 99.1       
   RCN Corporation Press Release dated March 15, 2004.
2
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
By:
/s/ W. Terrell Wingfield, Jr.
Name:
W. Terrell Wingfield, Jr.
Title:
General Counsel and Corporate Secretary
Date: March 16, 2004
3
EXHIBIT INDEX
Exhibit
No.
99.1
RCN Corporation Press Release dated March 15, 2004.
4
Exhibit 99.1
105 Carnegie Center
Princeton, NJ 08540
Contact:
Barak Bar-Cohen, RCN Public Relations, 609-919-8144
Jim Downing, RCN Investor Relations,
609-734-3718
Restructuring
Information:
www.rcntomorrow.com
RCN
Continues Financial Restructuring Negotiations;
Extends Forbearance Agreements with Senior
Lenders
and Noteholders Committee
Company Elects to File Notification of Late Filing
of 10-K With SEC
PRINCETON,
N.J., March 15, 2004 —
RCN Corporation (Nasdaq: RCNC) announced today that the
negotiations with its senior secured lenders (the "Lenders"), members of an ad
hoc committee of holders of its Senior Notes (the "Noteholders' Committee")
and others on a consensual financial restructuring of its balance sheet are continuing. In
connection with the continuing negotiations, the Company, the Lenders and members of the
Noteholders' Committee have agreed to extend expiration of their previously announced
forbearance agreements until April 1, 2004. In addition, the Company will not make the
approximately $14.2 million interest payment that was scheduled to be made on February 15,
2004 in respect of its 9.8% Senior Discount Notes Due 2008 (the "9.8% Senior
Notes"). The Company remains hopeful that the continuing negotiations will lead to
agreement on a consensual financial restructuring plan in the near term, although there is
no assurance this will occur.
Under
the extended forbearance agreements, 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 the Company's senior credit facilities or the
Company's senior notes, respectively, as a result of the Company not making an
interest payment on its 10 1/8% Senior Notes due 2010 (the "10 1/8% Senior
Notes") or its 9.8% Senior Notes due 2008 and certain other defaults.
RCN
has said that it expects any financial restructuring to be implemented through a
reorganization of the Company under chapter 11. The Company believes that a consensual
financial restructuring pursuant to a chapter 11 reorganization would achieve the most
successful financial outcome for the company and its constituents. RCN anticipates that a
chapter 11 filing would occur at the holding company level and does not intend that its
market operating subsidiaries be included in such a filing, although there is no assurance
5
this
will occur. Additionally, it is anticipated that a filing at the holding company level
would not have any adverse effect on customer service levels. 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's
objective is to reach agreement on a consensual financial restructuring plan during the
current forbearance period. If financial restructuring negotiations were to proceed beyond
that period or were to end, however, additional forbearance, waiver and/or amendment
agreements would be needed to support RCN's 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 and 9.8% Senior Notes would be entitled, but not required, to
declare RCN's senior credit facilities and the outstanding 10 1/8% Senior Notes and
9.8% 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 or the 9.8% 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 or the 9.8% 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 or the 9.8% 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 holders of 10
1/8% Senior Notes or the 9.8% Senior Notes that are not members of the Noteholders'
Committee will not declare an Event of Default under the 10 1/8% Senior Notes or the 9.8%
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 or the
9.8% 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.
6
RCN
also announced that it would not file its annual report on Form 10-K for 2003 on March 15,
2004 and that it had filed a Notification of Late Filing on Form 12b-25 with the
Securities and Exchange Commission. As disclosed in the Notification of Late Filing the
Company's delay in filing its Form 10-K is related to the continuing financial
restructuring negotiations. The Company believes it will be able to file its Form 10-K on
or before March 30, 2004.
For
additional information about the restructuring process, please visit
www.rcntomorrow.com
ABOUT
RCN CORPORATION
RCN
Corporation (Nasdaq: RCNC — News) 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
7
a
result of a number of factors. RCN believes that the primary factors include, but are not
limited to, the ability to successfully 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.
Restructuring
Information:
www.rcntomorrow.com
# # #
8