Court Extends Debt Relief for 360networks

VANCOUVER, B.C., Canada, July 24 -- 360networks Inc. said that the Supreme Court of British Columbia has extended an order giving the firm protection from its creditors until December 31, 2001. The company, which has said its restructuring plan will include liquidating its non-North American assets, said the court order includes a cash budget for the rest of 2001.
"We are pleased that our secured lenders and the Canadian court have approved the extension of our order," said president and CEO Greg Maffei. "This extension provides us time to restructure our business plan in North America and sell key assets outside the United States and Canada."