Jun, 2002 : KPNQwest May Shut Network Monday: Report
📅 - Pan-European telecommunications firm KPNQwest (kpnqwest.com) may be forced to shut down its network if clients do not pay their bills in full by Monday, Reuters reported today.
A new plan proposed by the company's trustees said the customer funds would keep the company's network operational through June and possibly July. "The proposals rely on the substantial support of all parties, including customers, suppliers and employees," a statement from the company's trustees said. "Should inadequate funding be received prior to the commencement of the plan at the close of business on Monday June 10, the network will be shut down, and all monies received will be reimbursed in full." KPNQwest, which provided communications and Web hosting services to clients across Europe, went bankrupt earlier this month after the company's banks pulled the plug on its credit facility. Shortly thereafter, it warned that it was quickly running out of cash, and that its debt and equity securities may have no value.
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