ICG Receives Confirmation of Plan of Reorganization.

Business Editors/High-Tech Writers

ENGLEWOOD, Colo.--(BUSINESS WIRE)--May 20, 2002

ICG Communications, Inc., a premier facilities-based nationwide communications provider, announced today the U.S. Bankruptcy Court for the District of Delaware has confirmed the company's Plan

The court's approval follows a recently completed vote by ICG creditors that resulted in 98 percent acceptance of the Plan.

ICG will emerge from bankruptcy protection with approximately $248 million in funded debt and approximately $100 million in cash, eliminating approximately $2.5 billion in liabilities.

Under the Plan, ICG's creditors will receive eight million shares of new common stock valued initially at $160 million. The company's old common and preferred stock will be cancelled.

"We are thrilled to be moving forward with ICG's emergence, and want to acknowledge the outstanding support of the creditors, our customers and employees," said Randall E. Curran, chief executive officer, ICG. "We have fixed our balance sheet, we are EBITDA positive and ICG will continue to provide all our customers, including ISPs, medium to large corporations and carriers, with superior service through our nationwide and local footprint."

ICG reported approximately $40 million in EBITDA for 2001 with annual revenue of approximately $500 million. The company's new securities will initially be traded over the counter until ICG qualifies for re-listing on the NASD National Market.

ICG Communications, Inc. is a facilities-based communications company with a nationwide data and voice network, operating in more than 25 major metropolitan areas. As an integrated metropolitan and nationwide fiber optic infrastructure company, ICG provides Dial-up Internet access, telephony and high-speed Internet services, and special access to approximately 6,000 customers. For more information about ICG Communications, visit the company's Web site at http://www.icgcom.com.