Mar 8, 2004 : Allegiance, Level 3 Reach Settlement

📅 March 8, 2004 - Texas-based Allegiance Telecom (algx.com) announced on Monday that it has reached a settlement with Level 3 Communications (level3.com) to terminate a vendor agreement.

Based on the terms of the settlement, a multi-contract under which Level 3 is to purchase wholesale dial access services from Allegiance, will be terminated. Level 3 has agreed to pay Allegiance $54 million in cash for the contract and associated assets.
The contract was assumed by Level 3 after it acquired Genuity's assets last year, in a deal first agreed to in November 2002.
The settlement is subject to approval by the bankruptcy court, and other conditions. Allegiance Telecom filed for bankruptcy protection last May and was acquired last month by XO Communications (xo.com ).

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Company: Level 3

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