McLeodUSA extends forbearance to July 21

New York, May 23 - McLeodUSA Inc. said its bank lenders have agreed to extend the forbearance on its credit facility to July 21.

Under the deal, the lenders will not take any action as a result of the company's failure to pay principal and interest due in March and June.

The Cedar Rapids, Iowa, telecommunications company is currently looking at either strategic alternatives or a financial restructuring.

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