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Technology Stocks : Nokia Corp. (NOK)

NOK 6.070

-1.3%

3:59 PM EST

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To: waitwatchwander who wrote (2848)	3/20/2003 5:46:32 PM
From: Eric L	Read Replies (1) of 9255

Tremblay's Fido Restructuring Approved >> Creditors Approve Plan to Restructure Microcell Toronto Global Wireless March 18, 2003 Microcell Telecommunications, owner of the Fido cell-phone network, has been taken over by its creditors after they agreed yesterday to a restructuring plan proposed by the carrier. The deal, accepted by representatives of banks and other debt holders, lets them take control of the company in return for forgiving C$1.76 billion (US$1.2 billion) in Microcell debt. “We are pleased the plan received such a strong endorsement from our creditors,” said Microcell Chief Executive Andre Tremblay. Microcell is the smallest of the four Canadian mobile phone carriers and the only one to seek bankruptcy protection. It has close to 1.2 million subscribers. Company officials said operations will continue as before. But the company will not attempt to expand its customer base, which reaches more than 60 percent of the population. << - Eric -

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