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Technology Stocks : GST Telecom (GSTX) 4th quarter earning
GSTX 0.0003000.0%Oct 30 2:51 PM EST
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To: Susan Saline who wrote (353)6/28/2000 10:26:00 AM
From: Rob Preuss   of 369
 
Wednesday June 28 12:00 AM ET

TSE suspends troubled GST Telecommunications

TORONTO (CP) - More than a month after GST Telecommunications
Inc. (NasdaqNM:GSTXQ - news) (GTE.U) sought bankruptcy-court
protection from creditors and was suspended by the Nasdaq
stock market, the Toronto Stock Exchange has suspended
trading in GST shares.

GST, an operator of fibre-optic telecommunications services
for businesses in the western United States, filed May 17
under Chapter 11 of the U.S. bankruptcy code, reporting debts
of $1.2 billion US.

Trading in the stock was suspended the same day by the Nasdaq
market, with the final trade at 95 cents US per share.

The TSE said Tuesday after the market close that it was
suspending GST "effective immediately for failing to meet the
requirements for continued listing."

GST shares traded Tuesday in Toronto at six cents each, down
a half-cent on the day - and down from a high of $17.75 a
year ago.

GST Telecommunications, a 1,300-employee concern
headquartered in Vancouver, Wash., lost $186.2 million US on
revenue of $321.9 million last year. In the first quarter of
this year, it reported a loss of $26 million on revenue of
$63.7 million.

"The company does not object to the decision of the TSE to
suspend trading," the exchange said. ¸ The Canadian Press,
2000
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