[GST extends auction thru late August. More bidders interested!]
Monday July 17, 8:32 am Eastern Time
Company Press Release
SOURCE: GST Telecommunications, Inc.
GST Adjusts Dates for Open Auction of Assets
VANCOUVER, Wash., July 17 /PRNewswire/ -- GST
Telecommunications, Inc., an Integrated Communications
Provider (ICP) in California and the western United States,
announced it is extending the dates originally established
for bidding for substantially all of its assets. With the
support of the Official Committee of Unsecured Creditors
appointed in its bankruptcy case, the Company has extended
the final date for bids to August 11 (from the original July
31 date) and moved the auction date to August 22 (from August
4). A hearing is scheduled on August 25 in the District Court
for the District of Delaware with jurisdiction over the
Company's bankruptcy proceedings to approve the winning bid.
``Because the earliest hearing date for court approval of the
highest bid is late August, the Company and the committee of
unsecured creditors agreed the time could be well used for
continued due diligence,'' stated Tom Malone, acting chief
executive officer of GST. ``Extending the dates allows GST to
accommodate companies that have expressed strong interest in
the Company. To date, over 35 companies have signed
confidentiality agreements with GST in order to begin due
diligence. This outpouring of interest has confirmed our
original belief that GST's network assets, customer base,
and employees together comprise a highly valued enterprise.''
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. Actual events 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 more information, please contact:
GST Telecommunications, Inc.
Investor & Public Relations
800-667-4366
SOURCE: GST Telecommunications, Inc. |
