AT&T Canada Emerges from Bankruptcy, CDN$4.7 Billion in Debt Removed

AT&T Canada completed its capital restructuring process and has emerged as an independent public company trading on both the Toronto Stock Exchange and NASDAQ Market System (TSX: TEL.A, TEL.B; NASDAQ: ATTC, ATTCZ). The company has no long-term debt and has approximately CDN$139 million in cash on hand. The bankruptcy process converted approximately CDN $4.7 billion in debt into new equity. AT&T Canada said its strategic plan is to focus on blue chip private and public sector customers. It will continue to partner with AT&T when it is in the customer's interest to do so, but would also find new international partners. The company plans to launch a new brand identity before September 2003.
http://www.attcanada.com