Has petitioned the Luxembourg court requesting admission to a 'gestion contrôlée' proceeding

February 12, 2002

1 Min Read

LUXEMBOURG -- Carrier1 International S.A. (the "Company") (Neuer Markt: CJN, NASDAQ: CONE) announced today that it has petitioned the Luxembourg court requesting admission to a gestion contrôlée proceeding. The Company expects that its subsidiaries will file for similar or insolvency proceedings in their respective jurisdictions shortly and, in many cases, this week. The Company is seeking admission to the gestion contrôlée proceeding in order to manage an orderly realization of value from its assets. The Company believes that the gestion contrôlée proceeding and the related moratorium on creditor claims will enable it to consider and pursue potential transactions involving the sale of all or part of its business. There can be no assurance that the Company will enter into any such transaction. The Company expects in due course that it will be liquidated but does not expect there to be any recovery for its shareholders. The Company does not expect to make the scheduled interest payment on its Senior Euro and Dollar Notes on 15 February 2002. The Company expects that, in due course, its American Depositary Shares(ADSs) will be delisted from the Nasdaq National Market System and its shares will be delisted from the Frankfurt Neuer Markt. Among other things, in the gestion contrôlée proceeding, a company's management requires the approval of a court-appointed official for certain actions and there is a moratorium on claims by creditors.Carrier1 International SA

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