Friedman Kaplan represented Cogent Communications Group, Inc., a Tier One, next generation, optical Internet service provider, in connection with an agreement to restructure its debt and raise $41 million in cash equity from investors that will be used to fund the operations and the restructuring. During the first half of 2003, Cogent has reduced its total debt from a face amount of over $380 million to $27 million and extended repayment terms, with the company's first principal payment due in 2006. The transactions are subject to execution of final documents and certain closing conditions. The equity financing will be provided by JVP (Jerusalem Venture Partners), Oak Investment Partners, Worldview Technology Partners, Broadview Capital Partners, Boulder Ventures, and Nassau Capital. Following the transaction the investors, Cisco Capital, and employees will own 99% of the company. FKSA partner Gregg S. Lerner and associate Craig J. Codlin represented Cogent in connection with the restructuring agreement.