GST to Proceed With Open Auction for Assets
Tuesday June 13, 9:18 am Eastern Time
Press Release
SOURCE: GST Telecommunications, Inc.
GST Receives Approval to Proceed With Open Auction for Assets
VANCOUVER, Wash., June 13 /CNW/ -- GST Telecommunications,
Inc. (Nasdaq: GSTXQ - news), an Integrated Communications
Provider (ICP) in California and the western United States,
today announced that an open bidding procedure has been
approved for the auction of substantially all its assets. The
Company, with support of the Official Committee of Unsecured
Creditors appointed in its bankruptcy case, received approval
yesterday of open bid procedures from the District Court for
the District of Delaware with jurisdiction over the Company's
bankruptcy proceedings.
The bidding procedure stipulates that qualified buyers must
submit qualified bids no later than July 31. An auction will
be conducted on August 4. Should the Committee and the
Company accept a final bid, the Company estimates a mid-
September close of sale pending Court approval and
appropriate regulatory approvals.
"We and the Committee believe that the July 31st date
provides qualified bidders ample time to complete due
diligence," said Tom Malone, acting chief executive officer
of GST. "We are committed to facilitating an equal and
comprehensive due diligence process for all qualified
bidders."
GST Telecommunications, Inc., an Integrated Communications
Provider (ICP) headquartered in Vancouver, Wash., provides a
broad range of integrated telecommunications products and
services including enhanced data and Internet services and
comprehensive voice services throughout the United States,
with a significant presence in California and the West. Visit
GST's Web site at www.gstcorp.com.
This release may contain forward-looking statements which
involve risks and uncertainties. Our actual results may
differ materially from the projections made here. Additional
factors which may affect actual results are contained in the
Company's filings with the SEC, including the report on Form
10-K for the period ended December 31, 1999. Forward-looking
statements in this release are made pursuant to the safe
harbor provisions contained in the Private Securities
Litigation Reform Act of 1995.
For further information
Kira Higgs, Investor & Public Relations of GST
Telecommunications, Inc., 800-667-4366 |
