Jun, 2002 : KPNQwest Can't Guarantee Network Continuity


📅 - Trustees of the bankrupt Dutch communications network operator KPNQwest NV (kpnqwest.com) said on Friday that they couldn?t guarantee the continuity of its network following a court's rejection of the company's demand that banks release funds paid by customers.

At last report, the company's network was to have remained online until the end of the month, but pieces may now be shut down sooner.
The company is reportedly instructing employees not to appear at work to avoid incurring costs. The company says its network may not be shut down all at once, as the process is complicated.
Trustees for KPNQwest had demanded that banks, including Citicorp, ABN Amro Holding NV and Fortis release funds paid by clients in order that the company be able to keep the network active. The banks demanded certain guarantees over the assets, however.
KPNQwest originally filed for bankruptcy in May after failing to sell assets to raise the cash it needed to continue operations.

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