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To: bigbuk who wrote (106946)	6/25/2002 8:19:27 PM
From: Rocket Red	Respond to of 150070

360networks' creditor projection extended 360networks Inc TSX Shares issued 733,385,129 Jun 25 2002 close $ 0.04 Tuesday June 25 2002 News Release Ms. Michelle Gagne reports SUPREME COURT OF BRITISH COLUMBIA EXTENDS ORDER ENABLING 360N ... The Supreme Court of British Columbia has extended to July 31, 2002, the order providing the company time to file a plan of reorganization and protection under Canada's Companies' Creditors Arrangement Act (CCAA). The extension of the order was supported by the court-appointed monitor in Canada, the company's senior bank lenders and unsecured creditors. "We are making significant progress on a restructuring plan in conjunction with our secured lenders and unsecured creditors," said Greg Maffei, president and chief executive officer of 360networks. "We expect to present a plan to the courts by the end of July and emerge this fall as a restructured company operating in North America." It is expected later this week the U.S. Bankruptcy Court will approve an extension of the company's exclusive period to file a plan. In addition, 360networks' senior bank lenders and unsecured creditors' committee recently approved an extension of the U.S. subsidiaries' use of cash collateral. 360networks plans to request a further extension to these orders when it submits a reorganization plan for approval by the courts in Canada and the U.S. WARNING: The company relies upon litigation protection for "forward-looking" statements.