LambdaNet reduces Iberbanda's footprint

Fiber Optics Weekly Update, July 4, 2003

LambdaNet Spain, the independent operating subsidiary of European network services provider LambdaNet Communications, announced that it is to reduce the network footprint of its largest customer in Spain, Iberbanda. The commercial agreement will enable Iberbanda to operate more efficiently following recent changes in customer demand.

The agreement is in line with LambdaNet's policy to keep operational costs to a minimum and runs parallel with existing streamlining activity by LambdaNet in Spain. It marks an important milestone in current restructuring discussions with LNG Holdings S.A. and RENFE, the two principal creditors of LambdaNet Spain. The commercial agreement is strictly between LambdaNet Spain and Iberbanda and does not affect the LambdaNet networks in Germany or France. All subsidiaries and their respective networks are managed as independent.