Media Industry
Industry: Email Alert RSS FeedVersatel to file for bankruptcy protection.(Versatel Telecom International)(Brief Article)
EuropeMedia, June, 2002
EUROPEMEDIA-(C)2002 Van Dusseldorp & Partners - http://www.vandusseldorp.com/
Dutch operator Versatel Telecom International has applied to suspend payments in the Netherlands as part of a firm-wide restructuring and is to start bankruptcy protection proceedings in the US by September.
According to the company, these actions are supported by the bondholder's committee, which consists of creditors that own more than 65 per cent of Versatel.
Versatel claims that these proceedings will have no material impact on its customers, trade creditors and employees and that it has received a commitment for a E150m credit facility that is to be made available to the company if it restructures successfully. ((Distributed via M2 Communications Ltd - http://www.m2.com))
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