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Struggling KPNQwest appears to have bought itself some more time, giving rise to hopes that its fibre-optic network will remain open for at least the rest of the month.
Despite cash-flow problems, it seems the trustees for the failed communications group have given the thumbs up for the network to remain open for business until at least 01 July, although this is not guaranteed, writes Tim Richardson.
The hope is that this last minute reprieve will give sufficient time to arrange the sale of some -- or all -- of the company's operation. It will also give a little more time to those companies, which have still to find alternative network operators.
KPNQwest's network was facing closure on Monday night if not enough cash had been collected from its customers. That deadline was extended until noon yesterday prompting some optimism that the network cold be kept going for the short term at least.
A number of companies are reportedly interested in the bankrupt company including Ireland-based carrier Etel Group, which operates in the Czech Republic, Hungary, Poland and Slovakia.
The Register and its contents are copyright 2002 Situation Publishing. Reprinted with permission.
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