LONDON -- Global TeleSystems, Inc. ("GTS") (OTC: GTLS; NASDAQ EUROPE: GTSG; Frankfurt: GTS) announced today that Deutsche Bank, Dresdner Bank and Bank of America (the "Bank Group"), which are providing financing to GTS's Global TeleSystems Europe Holdings B.V. subsidiary, have agreed to further extend the waiver of any defaults under their facility caused by GTS's election to not make interest payments on GTS Europe's publicly-traded debt while the company works toward a debt restructuring plan with bondholders. The current waiver has now been extended through 24 September 2001. On a going forward basis, GTS will only advise investors in the event that such waiver, or any future waivers, are not renewed by the Bank Group. GTS and the Bank Group continue their discussions, aimed at replacing the current financing agreement with a longer-term financing facility. Global TeleSystems Inc. (GTS)