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CEO calls action 'very disappointing'
VANCOUVER (CP) - Struggling
telecommunications company 360networks
Inc. has filed for protection from creditors
under Canadian and U.S. bankruptcy laws.
The company said late Thursday that it still
has $155 million US in cash and short-term
financial assets on hand, and "expects to use
these funds to maintain service to existing
customers in Canada and the United States,
and to complete key segments of its North
360networks (TSE: T.TSX) has filed under the Companies' Creditors
Arrangement Act in the Supreme Court of British Columbia, while
American subsidiary 360networks (USA) Inc. and 22 affiliates filed under
Chapter 11 of the U.S. Bankruptcy Code in New York.
The company said it has arranged for up to $100 million US in
debtor-in-possession financing to continue its operations.
It "also intends to consider additional proposals to enable it to obtain the
best available terms and is examining other strategic alternatives, including
asset sales,'' a corporate statement said.
"We are taking these steps to restructure our business and financial
position in a difficult telecommunications environment,'' stated Greg Maffei,
the former Microsoft chief financial officer who is 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.''
In addition to the Canadian and U.S. filings, 360networks said it intends to
initiate insolvency proceedings for European subsidiaries.
The company also announced the resignation of seven board members.
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