Genuity, Inc. (GENU) Message Board

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Technology Stocks : Genuity, Inc. (GENU)

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To: Ms. Baby Boomer who wrote (392)	8/20/2002 2:18:40 PM
From: Kent Rattey	Read Replies (1) of 456

23 bottles of beer on the wall... Tuesday August 20, 1:32 pm Eastern Time Reuters Company News Integra says bankruptcy imminent without new cash PARIS, Aug 20 (Reuters) - Website operator Integra (INTA.LN) said on Tuesday it would be forced to file for bankruptcy in the days ahead unless a last-ditch funding deal could be reached with its cash-strapped parent Genuity Inc (NasdaqNM:GENU - News) or external investors. Integra, snapped up by U.S. high-speed communications services firm Genuity a year ago in a friendly takeover, said talks so far with its parent on meeting its short-term financing commitments had been inconclusive. In a statement, Integra said it had requested that its shares be suspended on the small-cap Paris Nouveau Marche. "Integra continues to explore actively any alternative solution in order to ensure its immediate future, potentially with external investors," it said. "Failing an agreement reached within the next few days, Integra will have to file a petition for bankruptcy." Integra is heading down a road well-trodden by Internet start-ups in the two years since the tech bubble burst. Genuity itself is close to the edge after defaulting on its credit facilities. The company said last week it had "substantial doubt" over its ability to continue as a going concern and pulled the financial plug on Integra. Integra shares closed at 0.28 euro on August 19. The stock has traded below one euro for the past year, having plunged from February 2000 peaks above 45 euros as tech stock valuations collapsed. Euronext said in a separate statement that Integra shares would resume trading on Thursday. Genuity owns 93 percent of Integra following its takeover, which valued the French company at 125 million euros. Created in 1996, Integra posted a 2001 operating loss of 97 million euros on sales of 45 million.

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