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SUPREME COURT OF BC GIVES EXTENSION TO 360NETWORKS

Vancouver, BC -- The Supreme Court of British Columbia has extended to July 2, 2002 an order providing 360networks...


December 28, 2001  


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Vancouver, BC — The Supreme Court of British Columbia has extended to July 2, 2002 an order providing 360networks protection under Canada’s Companies’ Creditors Arrangement Act (CCAA) and time to file a plan of reorganization.

“This is another encouraging step in our restructuring process,” said Greg Maffei, president and CEO of 360networks. “This extension, along with a similar extension in the U.S., allows us to continue operating in North America and provides us sufficient time to explore all reorganization options.”

On December 19, 2001 the United States Bankruptcy Court approved the six-month extension of a cash collateral order, which allows the company to operate in the United States through July 1, 2002.

The company and several of its operating subsidiaries voluntarily filed for protection on June 28, 2001 under the CCAA in the Supreme Court of British Columbia. Concurrently, the company’s principal U.S. subsidiary, 360networks (USA) Inc., and 22 of its affiliates voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York.

About 360networks360networks offers optical network services to telecommunications and data communications companies in North America. The company’s optical mesh fiber network spans approximately 36,000 kilometres in Canada and the U.S. For more information, visit http://www.360.net.


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