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Subsidiaries of beleaguered carrier launch reorg plans in the US and Canada
July 18, 2002
VANCOUVER -- Subsidiaries of 360networks inc. are submitting today proposed plans of reorganization with the Supreme Court of British Columbia and the U.S. Bankruptcy Court for the Southern District of New York. The plans were developed in coordination with the company's senior secured lenders, the court-appointed Monitor in Canada, and the U.S. unsecured creditors' committee.
Under the proposed plans, the Canadian and U.S. subsidiaries operating the company's North American network would emerge from creditor protection with approximately $215 million in debt and more than $50 million of cash on hand. Certain other liabilities of these subsidiaries would be satisfied in cash or converted into new common equity.
Upon approval of the respective plans in Canada and the U.S., the subsidiaries' senior secured lenders, led by JPMorgan Chase Bank, would become majority shareholders in the reorganized enterprise. Unsecured creditors of the subsidiaries and employees would initially hold the remaining equity. The reorganized enterprise intends to become listed on securities exchanges in Canada and the United States, subject to approval by the respective exchanges.
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