May, 2002 : KPNQwest Seeks Protection, Board Resigns
📅 - Pan-European telecommunications firm KPNQwest (kpnqwest.com) said today it would file for protection under Dutch moratorium law as it continues to work with strategic investors, banks and advisors to find funding alternatives.
In a separate announcement, the company said its five-member supervisory board had resigned. The company's supervisory board was comprised of two Qwest representatives, one KPN representative and two independent directors. Formed in 1999, KPNQwest is a joint venture between US telecommunications firm Qwest and Dutch telecom KPN. Last week, the company said 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 liquidity position due to the shaky alternative telecommunications market.
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