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AT&T to Sell Latin American Biz

AT&T intends to sell its stake in AT&T Latin America to Southern Cross Group for $1,000

January 8, 2003

1 Min Read

WASHINGTON -- AT&T Latin America Corporation (Nasdaq: ATTL) announced that its majority shareholder, AT&T Corporation, has disclosed that it has entered into a non-binding letter of intent with Southern Cross Group, LLC, a telecommunications holding company, to sell 8,000,000 shares of Class A common stock of ATTL and 73,081,595 shares of Class B common stock of ATTL for $1,000.00 in a transaction within the next twelve months."As part of our restructuring efforts, we have been in discussion with AT&T regarding their desire to sell their equity stake in ATTL. We are pleased that Southern Cross has expressed an interest in acquiring a significant equity position in AT&T Latin America. We look forward to working with Southern Cross and other potential investors to support their due- diligence efforts," said Patricio Northland, President and CEO of AT&T Latin America.Further, Mr. Northland stated, "We continue to follow the restructuring process we defined with our board in December. This process includes strengthening our liquidity position, working with our creditors to restructure our debt, and identifying potential financial investors or strategic operators that will acquire the company. ATTL is a unique telecommunications asset with a strong and attractive customer base. Not surprisingly, we have had significant interest from a number of qualified investors, in addition to Southern Cross, a couple of which have already delivered preliminary offers that address both the equity and debt of the company," continued Mr. Northland. Given the positive interest in the company, ATTL will seek to retain an investment bank to manage the process and determine the optimal investor for the company. ATTL expects to announce in the next several days the investment-banking firm that will lead these efforts." AT&T Corp.AT&T Latin America Corp.

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