NL Update

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: AT&T Canada and bondholder committee agree on capital restructuring plan AT&T Canada obtains court Order to advance consensual capital restructuring plan AT&T Canada confirms repayment of bank credit facility AT&T Canada confirms closing of deposit receipt transaction CIBC Capital Partners completes purchase of AT&T Canada shares CRTC OKs MTS service improvement plan The CRTC has approved the capex portion of the service improvement plan of Manitoba Telecom Services for 2003 and 2004 - Telecom Decision 2002-63. The other provisions will be dealt with in another decision. The commission had denied an earlier version of the SIP (NL, Jan. 14/02). Nortel signs deals with SBC, Cox Nortel Networks Corp. is selling its OPTera Metro 5100 Multiservice Platform to SBC Services Inc., a subsidiary of American telecom giant SBC Communications Inc. It is also selling an optical Ethernet product to Cox Communications Inc., the U.S. broadband company. No financial terms were released in either contract. More details: Nortel Networks and SBC Reach Multi-Year Optical Agreement Cox Communications Deploys Nortel Networks Optical Ethernet Solution Group Telecom continues to delay financial results GT Group Telecom is continuing to delay the release of its Q3 financial results. Plans to restructure the CLEC are proceeding. The telco also announced that it may be facing a cease trade order unless the financials are released by the end of the month. More details. Revenues up, expenses down at Linmor in Q2 Ottawa equipment manufacturer Linmor has released its preliminary Q2 results. Revenue doubled to $715,000, while operating expenses between Q1 and Q2 fell from $2.2 million to $1.8 million. Final results will be issued on November 6. More details. MTS introduces 5 meg Internet for business customers MTS Communications Inc., a subsidiary of Manitoba Telecom Services Inc., is rolling out five Mbps Internet for business customers. Available in Winnipeg and Brandon, the service is an upgrade from the current three Mbps speed. Those speeds are for downloading; the new system provides uploading speeds of 400 Kps. More details. Aliant provides Galaxie digital music to computers Aliant Telecom is working with Galaxie to provide digital music to computers. The streaming subscription-based service will be offered in Nova Scotia and New Brunswick. Customers will have more than 30 channels to choose from, representing various musical genres. For more details on Aliant's multimedia strategy, see "Aliant uses IP to roll out subscription-based TV service to customers in New Brunswick" in the Sept. 12/02 issue of NL affiliate publication Canadian Communications Reports. More details. Northern Telephone named "Company of the Year" Northern Telephone LP, which is controlled by BCE's Bell Nordiq Group Inc., has been named Company of the Year at the Northern Ontario Business Awards. The prize was given in recognition of the telco's development of the region and the technology it brings to the area. The awards have been issued for 16 years. More details. Télébec denied right to quash semi-public phones The CRTC has denied an application by Télébec LP to withdraw semi-public telephone service from its general tariff - Telecom Order 2002-404. The telco, which is controlled by BCE's Bell Nordiq Group Inc., maintained there had been no demand for the service since 1999 and it did not foresee any call for it in the future. The commission stated that it would not change the rules until a CRTC review of payphone service is completed. Loop selection service rates set The CRTC has approved the rates for loop selection service, retroactive to January 1, 2001 - Telecom Decision 2002-62. The regulator has ordered the ILECs to provide rebates to other service providers for the difference between interim and final rates. The ILECs have also been instructed to provide information on the availability of databases and the provision of loop selection service to affiliates. CEP endorses Layton for NDP leader One of the county's largest telecom and broadcast unions, the Communications, Energy and Paperworkers Union of Canada, has endorsed Toronto city councillor Jack Layton in his quest to become leader of the federal New Democratic Party. CEP president Brian Payne said Layton offers excitement and energy. The party will choose its new leader in late January. More details. Network Associates rolls out new security product Network Associates Inc. has unveiled an integrated product for network performance and security. The Network Performance Orchestrator is based on the Sniffer technology long deployed by the company. VP marketing Christopher Thompson tells Network Letter the product should be generally available by mid-November. More details. Lucent to eliminate 10,000 jobs Lucent Technologies is cutting 10,000 positions from its worldwide workforce and will have a greater-than-anticipated loss in Q4. The new projection is a loss of US65 cents per share, instead of the previously expected 45 cents. CEO Patricia Russo said she hopes the worst is over for the telecom slump. More details.

NL Update

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

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