XO Communications Inc., a money-losing telecommunications company, said on Friday it is considering a $500 million bid by financier Carl Icahn for 50 percent of the company, and that it may file for bankruptcy protection "in the very near future." ... XO said "it has become clear" that to implement a balance sheet restructuring necessary for it to run its business, the company "will need to commence a bankruptcy proceeding" and seek a reorganization that will eliminate its current equity and much of its debt. "Such a proceeding could be commenced in the very near future." | 
