360networks surrendered a US $82.3 million note in exchange for the Urbanlink stock

February 8, 2002

1 Min Read

Vancouver - 360networks today announced it has acquired assets of Urbanlink Holdings Ltd. held by Worldwide Fiber Holdings Limited, a wholly owned subsidiary of the Ledcor Group, in a non-cash transaction that results in 360networks owning all of Urbanlink. 360networks surrendered a US $82.3 million note in exchange for the Urbanlink stock and the potential to acquire up to 62 million shares in 360networks.

The transaction was approved recently by the Supreme Court of British Columbia and supported by the Court Monitor and the company's senior bank lenders.

360networks and Ledcor were joint owners of Urbanlink, a Canadian affiliate, which owns and operates fiber optic network assets in Canada. 360networks negotiated to secure and integrate Urbanlink with the company's other North American network assets as it is an integral component of the company's operations and reorganization efforts.

360networks does not intend for Urbanlink to be part of the restructuring proceedings under Canada's Companies' Creditors Arrangement Act.

360networks Inc. (Toronto: TSX)

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