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NL Update

News | 10/15/2002 4:00 am EDT

AT&T Canada and bondholder committee reach agreement
AT&T Canada announced today that it has reached an agreement in principle with the bondholders committee, which will see AT&T Canada debt holders receiving an aggregate payment of $200 million and 100% new equity in the telco. The CLEC also revealed that to advance this consensual restructuring plan, it filed for and received an Order of the Ontario Superior Court of Justice under the Companies' Creditors Arrangement Act. In flurry of news from the CLEC in the past week, AT&T Canada also announced that it has repaid all of its $200 million credit facility and that CIBC Capital Partners has completed the purchase of outstanding shares in the company, in accordance with a previously-announced deal. More details:

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