LONDON -- Viatel Holding (Bermuda) Limited (OTC Bulletin Board: VTLAV), the builder-operator-owner of a state-of-the-art pan-European network today announced that Viatel, Inc.'s Plan of Reorganization has become effective. As previously announced, the Plan received overwhelming approval from creditors on 8 May 2002 and was confirmed by the United States Bankruptcy Court for the District of Delaware on 21 May 2002. Pursuant to the Plan, the unsecured creditors of Viatel, Inc. and its United States subsidiaries, will receive, on a pro rata basis, a total of 10,560,000 common shares of Viatel Holding (Bermuda) Limited, a new holding company created to effectuate the restructuring transaction. Viatel, Inc.'s common (OTC Bulletin Board: VYTLQ) and preferred stock have been cancelled. The new common shares of Viatel Holding's will initially be traded over the counter under the symbol "VTLAV" until Viatel Bermuda qualifies for listing on the NASD National Market. Viatel's Chairman and Chief Executive Officer, Michael J. Mahoney, noted "With the demise of a number of our European competitors, including 360 Networks, Pangea, Carrier 1 and KPN-Qwest, and the recent decisions by numerous other competitors to exit most, if not all, of their European markets, our reemergence could not have happened at a better time." "With our debt free balance sheet and core network assets intact, we are well positioned to provide customers with a safe harbor during this extremely turbulent time." Viatel Inc.