360networks Corp., a provider of data telecommunications services, has announced the completion of its acquisition...
February 5, 2003
360networks Corp., a provider of data telecommunications services, has announced the completion of its acquisition of the operations of telecom service provider Group Telecom.
Under the agreement, the secured creditors of GT will receive a cash distribution of approximately $250 million.
Both companies were reorganized with 360networks completing its reorganization in November and GT completing its reorganization and emergence from the Companies’ Creditors Arrangement Act (CCAA) court protection effective with the closing of the acquisition. Group Telecom first obtained CCAA court protection last June. .
When the deal was first announced in November, Group Telecom CEO Dan Milliard said the "agreement will achieve the best possible result for our customers, employees, and creditors.
360network’s optical mesh fiber network spans 53,000 kilometers and reaching 60 major cities in North America. It also includes 17 metro fiber networks in nine Canadian provinces.