Canada OKs 360networks reorganization

Fiber Optics Weekly Update, Sept 13, 2002

360networks announced that the Supreme Court of British Columbia has approved its Canadian plan of reorganization. The ruling by Justice Tysoe is the final approval required in Canada to implement the Canadian restructuring of 360networks and ratifies last week's creditors' vote. Subject to confirming the US plan, which is expected to occur on October 1, 2002, 360 expects implementation of both the Canadian and the US plans in October.

"We are very pleased that the court was supportive and approved our plan," said Greg Maffei, president and chief executive officer of 360networks. "We anticipate that a similar result will occur in the US on October 1st, and that both plans will be implemented by early October." The US creditors' vote will be tabulated on September 24, 2002 and the confirmation hearing is scheduled for October 1, 2002.