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Technology Stocks : 360Networks - TSX - TSIX
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To: LAURIE SELINE who wrote (375)6/29/2001 5:02:11 PM
From: Marty Lee  Read Replies (1) of 449
 
So which is it - a little of both?

KPMG Corporate Recovery has over 400 professional staff in 22 offices around the UK and provides two distinct types of service: advice and assistance to insolvent companies, their creditors, and their other stakeholders (known as Insolvency Services); and restructuring advice to companies who are underperforming or experiencing liquidity problems (known as Restructuring Services).

"We are taking these steps to restructure our business and financial position in a difficult telecommunications environment," said Greg Maffei, president and chief executive officer of 360networks. "While very disappointing, we believe today's filings provide us the best opportunity to reorganize and operate our core business."

Lazard Freres is assisting 360networks to develop and evaluate options, including restructuring its debt obligations. PricewaterhouseCoopers Inc. has been appointed by the court in Canada as Monitor of the Canadian proceeding.

The filings do not include the company's 360americas subsidiaries, which were acquired in connection with the purchase of GlobeNet Communications Group Limited.

In addition, 360networks intends to initiate insolvency proceedings for certain of its European subsidiaries.

Marty
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