Nov, 2002 : Genuity Announces Three-Day Debt Extension
📅 - Communications company Genuity Inc. (genuity.com) announced last week that it has received a three-day extension from its lenders to complete negotiations to restructure the $2 billion in debt the company has been in default of since July.
The company said last week that the extension with its creditors, including a group of banks and Verizon Communications runs until this Monday. The extension follows a ten-day extension granted November 11, and a two-week extension granted October 25. The latest was agreed to by all of the banks that provided the $723 million in funding received by Genuity in July as part of its line of credit, as well as by Verizon, which loaned Genuity $1.15 billion.
Genuity says it has repaid the banks $208 million of its outstanding debt so far.
The company was originally placed in default of its debts when Verizon decided, in July, to relinquish its option to acquire a controlling interest in the company.
Communications provider Level 3 Communications is reportedly seeking to finalize a deal to acquire most of Genuity's assets for more than 100 million.
The company said last week that the extension with its creditors, including a group of banks and Verizon Communications runs until this Monday. The extension follows a ten-day extension granted November 11, and a two-week extension granted October 25. The latest was agreed to by all of the banks that provided the $723 million in funding received by Genuity in July as part of its line of credit, as well as by Verizon, which loaned Genuity $1.15 billion.
Genuity says it has repaid the banks $208 million of its outstanding debt so far.
The company was originally placed in default of its debts when Verizon decided, in July, to relinquish its option to acquire a controlling interest in the company.
Communications provider Level 3 Communications is reportedly seeking to finalize a deal to acquire most of Genuity's assets for more than 100 million.
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