Choice One Communications Has Agreement in Principle on Terms of a Financial Restructuring

"ROCHESTER, N.Y. --(Business Wire)-- Aug. 2, 2004 -- Choice One Communications (OTCBB: CWON):

-- Reaches agreement in principle with ad hoc committees of its senior and subordinated lenders on the key terms for a financial restructuring

-- Financial restructuring would substantially reduce Company's debt, strengthen its balance sheet, and increase its liquidity "
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"-- It is anticipated that the financial restructuring will be accomplished through "prepackaged" or prearranged chapter 11 proceeding and completed by year end."

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