Icg Communications Inc/DE – ‘8-K’ for 5/21/02 – EX-99

On:  Tuesday, 6/4/02, at 4:56pm ET   ·   For:  5/21/02   ·   Accession #:  950172-2-1202   ·   File #:  1-11965

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         5±    23K 
 2: EX-2        Ex 2.1 Confirmation Order                             96±   416K 
 3: EX-2        Ex 2.2 Plan of Reorganization                        363±  1.96M 
 4: EX-2        Ex 2.3 Disclosure Statement                          510±  2.60M 
 5: EX-13       Ex 13.1 10Q                                           32    178K 
 6: EX-99       Ex 99.1 Press Release                                  2±     9K 

EX-99   —   Ex 99.1 Press Release

[GRAPHIC OMITTED]                                                               

ICG Communications      FOR MORE INFORMATIN CONTACT                             

Susan Koehler                   
Director Communications         
303.414.5634                    
Susan_Koehler@igccomm.com       

For Immediate Release...                                                        

May 20, 2002                                                                    

 ICG RECEIVES CONFIRMATION OF PLAN OF REORGANIZATION

 Englewood, Colo. - ICG Communications, Inc., a premier facilities-based
nationwide communications provider announced today the U.S. Bankruptcy Court for
the District of Delaware has confirmed the company's Plan of Reorganization     
which includes a $65 million re-capitalization financing package. The court's   
approval follows a recently completed vote by ICG creditors that resulted in 98 
percent acceptance of the Plan.                                                 

    ICG will emerge from bankruptcy protection with approximately $248 million
in funded debt and approximately $100 million in cash, eliminating approximately
$2.5 billion in liabilities.                                                    

  Under the Plan, ICG's creditors will receive eight million shares of new
common stock valued initially at $160 million. The company's old common and     
preferred stock will be cancelled.                                              

 "We are thrilled to be moving forward with ICG's emergence, and want to
acknowledge the outstanding support of the creditors, our customers and         
employees," said Randall E. Curran, chief executive officer, ICG. "We have fixed
our balance sheet, we are EBITDA positive and ICG will continue to provide all  
our customers including ISPs, medium to large corporations and carriers with    
superior service through our nationwide and local footprint."                   

ICG reported approximately $40 million in EBITDA for 2001 with annual 
revenue of approximately $500 million. The company's new securities will        
initially be traded over the counter until ICG qualifies for re-listing on the  
NASD National Market.                                                           

    ICG Communications, Inc. is a facilities-based communications company with
a nationwide data and voice network, operating in more than 25 major            
metropolitan areas. As an integrated metropolitan and nationwide fiber optic    
infrastructure company, ICG provides Dial-up Internet access, telephony and     
high-speed Internet services, and special access to approximately 6,000         
customers. For more information about ICG Communications, visit the company's   
Web site at http://www.icgcom.com.                                              

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161 Inverness Drive West Englewood CO 80112 :: 1.888.424.1144 :: www.icgcom.com 
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Dates Referenced Herein

This ‘8-K’ Filing		Date		Other Filings
Filed on:		6/4/02		None on these Dates
For Period End:		5/21/02
		5/20/02
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