360networks completed the sale of its Canadian assets, primarily Group Telecom, to Bell Canada for US$215 million in cash. Bell Canada also purchased selected northern US interconnection assets and related liabilities. 360networks will use the cash proceeds to retire all of its debt, including the debt from its 2002 restructuring, and for working capital purposes.
360networks will focus on its US operations, which include a low-cost, long-haul network footprint with strategic metro access and a regional Western regional network with unique reach into rural markets.
Group Telecom will now operate as a division of Bell Canadahttp://www.360.net
- 360networks purchased Group Telecom out of bankruptcy in February 2003.
