Jun, 2002 : KPNQwest Network to Stay Online Until July: Report

📅 June 12, 2002 - Bankrupt European telecommunications firm KPNQwest (kpnqwest.com) has secured enough funds to keep its network operational until the end of June, Dow Jones reported today.

According to a source familiar with the situation, the trustees of the firm have secured sufficient funding to keep the company's network operational until at least July 1.
The source told Dow Jones that KPN, the company's co-owner and largest customer, had "substantially increased" the amount it was willing to pay KPNQwest on Tuesday.
Last week, Reuters said KPNQwest feared it would be forced to shut down its network if clients do not pay their bills in full by Monday. The company, which provides 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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