May, 2002 : KPNQwest Confirms Bankruptcy, AT&T Potential Suitor

📅 May 31, 2002 - Global communications firm AT&T is reportedly thinking of making an offer for the assets of troubled European telecommunications company KPNQwest (kpnqwest.com), Reuters reported yesterday.

A subsequent report published today on news site vnunet.com said the two sides were "close" to a deal.
According to Reuters, KPNQwest declined to comment reports that AT&T offered to buy it for $200 million. Nor would it offer any insight in to a report that Dutch telecom giant KPN, one of the firm's main shareholders, was willing to provide KPNQwest with $35 million a month in funding in order to keep the company's network operational.
Reuters said AT&T also declined comment.
Meanwhile, KPNQwest today confirmed it would file for bankruptcy protection after failing to secure last minute funding to keep its network operational. Numerous subsidiaries across Europe are also expected to file for protection in their local jurisdictions, excluding its central European subsidiaries, including KPNQwest Portugal Telecomunicaoes and KPNQwest Italy "among others," a release stated.
KPNQwest's bankruptcy announcement is the latest in a string of recent bad news from the company. Yesterday, KPNQwest told its customers to find back-up connectivity plans in case it has problems keeping its network online. And earlier this month, the company warned that it was quickly running out of cash and that there may be no underlying value to its debt or equity securities.
A joint venture between US telecommunications firm Qwest and Dutch telecom KPN, KPNQwest operates a fiber optic backbone connecting 60 cities throughout Europe.

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