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Telecom operators establish 'Customer Support KPNQwest' foundation to keep KPNQwest network from imploding
June 24, 2002
DEN HAAG, Netherlands -- At the instigation of a number of large telecom operators, including KPN, that use the European network of KPNQwest have established a foundation called "Customer Support KPNQwest". The foundation strives to ensure that, with the approval of the trustees, rings 1, 2 and 3 (Northwest Europe and the Channel zone) remain operational until at least Monday, July 1st, 2002. The foundation has already received sufficient concrete undertakings to meet this week's urgent operational commitments. Various published articles have created the impression that KPNQwest still has sizable financial claims on KPN. KPN announced earlier that this impression is incorrect. Apart from that the claim that KPN has on KPNQwest far exceeds the amount the banks of KPNQwest say is owed to them by KPN. In the first seven days after the bankruptcy of KPNQwest, KPN made available EUR 3,500,000 in order to keep the network operational. From the outset, KPN has adopted a supportive stance in the KPNQwest question by giving its full co-operation to finding solutions based on continuity. Finding such solutions was seriously impeded by the banks who refused to cooperate and simply demanded the cash on hand. KPNQwest NV
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