KPNQwest administrators let deadline pass
Published: 11 Jun 2002 16:56 BST
A second deadline for receiving funds to keep KPNQwest's fibre-optic network running was allowed to pass on Tuesday with no news, while rumours surrounded the bankrupt telco.
KPNQwest administrators' deadline of mid-day Tuesday passed without any announcement of whether customers had paid enough to keep the network afloat, while the administrators' staff said they had no idea why the announcement was delayed.
Hopes are fading that the network can be kept alive, although rumours suggested that a bidder, perhaps AT&T, is waiting till the very last minute to pick up a working network at a rock-bottom price.
Many of KPNQwest's large customers have made alternative arrangements, with cable TV operator UPC moving its traffic away on Monday. Since the customers are more valuable than the network, this must diminish hopes of any continuation of KPNQwest's business.
Customers were originally given until Monday to pay up-front for service during May and June. Administrators Eddie Meijer and J C van Apeldoorn originally promised to announce whether their efforts to raise pledges were successful at the end of Monday, and this was then shifted till 2.30pm on Tuesday, but no announcement was made as of the close of business on Tuesday.
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