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Has filed for protection under the Companies’ Creditors Arrangement Act in Canada and Chapter 11 of the U.S. Bankruptcy Code
June 29, 2001
VANCOUVER -- 360networks today announced that the company and several ofits operating subsidiaries have filed for protection under the Companies’Creditors Arrangement Act (CCAA) in the Supreme Court of British Columbia.The company’s principal U.S. subsidiary, 360networks (USA) inc. and 22 ofits affiliates concurrently filed for protection under Chapter 11 of theU.S. Bankruptcy Code in the U.S. Bankruptcy Court for the SouthernDistrict of New York. Where necessary, appropriate action is being takenin other jurisdictions to protect the company’s assets.The company and the subsidiaries covered by the filings currently haveapproximately $155 million of unrestricted cash, cash equivalents,short-term investments and marketable securities on hand. 360networksexpects to use these funds to maintain service to existing customers inCanada and the United States, and to complete key segments of its NorthAmerican network.“We are taking these steps to restructure our business and financialposition in a difficult telecommunications environment,” said Greg Maffei,president and chief executive officer of 360networks. “While verydisappointing, we believe today’s filings provide us the best opportunityto reorganize and operate our core business.”In addition, 360networks intends to initiate insolvency proceedings forcertain of its European subsidiaries.The company also announced the resignation of seven board members: KevinCompton, Glenn Creamer, John Malone, Claude Mongeau, Christian Reinaudo,John Stanton and Jim Voelker. These resignations took place prior totoday’s filings.360networks Inc.
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