Excite@Home (ATHM) - Get Report was down 21.2% in early trading after saying Cox Communications and Comcast intend to terminate their agreements with the troubled Internet service and content provider, effective June 4, 2002. Excite@Home provides Internet access and service to Cox and Comcast cable subscribers.
Excite@Home also said the company's board was authorized to retain an investment banking firm to explore strategic options with regard to its tenuous financial position.
Excite@Home is struggling under $1 billion in debt and steep operating losses. Thursday, the company said talks with creditor
, which is demanding repayment of $50 million in emergency funds, showed no sign of resolution. The repayment was demanded Friday, and the Excite@Home said it would not comply.