May, 2002 : Numerous Companies Eyeing KPNQwest: Report
📅 - Between five and 10 companies are interested in buying parts of KPNQwest's (kpnqwest.com) network, Reuters reported today.
The European communications firm filed for protection from its creditors yesterday. A source told Reuters that while a story in the Financial Times naming Cable & Wireless, BT and AT&T as potential suitors was "pretty accurate," there were other companies interested. KPNQwest, a joint venture between Qwest and Dutch telecom KPN, said last week it was quickly running out of cash, and that there may be no underlying value to its debt or equity securities. Qwest issued a statement shortly thereafter that said neither the company's customers nor revenues should be affected by KPNQwest's financial position. KPNQwest, which operates a fiber optic backbone connecting 60 cities throughout Europe, has experienced significant deterioration in its financial position because of the shaky alternative telecommunications market.
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