RCN's condition continued to spiral down, and the company filed a petition to modify the agreements again. Soon after this, the city began to impose fines on RCN for noncompliance and rejected a plea to modify the agreements on Feb. 23. The fines amounted to about $750 per customer a day of noncompliance, or $1 million daily.
The two parties negotiated until RCN filed for bankruptcy. RCN quickly filed an injunction for temporary relief. Talks continued, and the parties reached agreement on Nov. 12.
A hearing on the settlement will be held Thursday, and a hearing to confirm the RCN reorganization plan is scheduled for Dec. 8.
-Jen
City of Chicago