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News | 07/03/2001 4:00 am EDT

360networks seeks protection, slashes 40% of workforce
Embattled fibre builder 360networks Inc has applied for bankruptcy protection in Canada and the U.S. It is cutting about 800 positions, leaving 1000 workers in their current jobs. The firm's parent company, Worldwide Fiber Holdings Ltd, has announced it has assumed 360network's obligations to buy back the shares of CEO Greg Maffei, should the fibre firm chief choose to sell in the future.

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