Bankruptcy Court Approves CTC-Columbia Investment Agreement; Latest Milestone in Progress Toward Reorganization.Business Editors/High-Tech Writers WALTHAM, Mass.--(BUSINESS WIRE)--Aug. 22, 2003 CTC CTC - Cornell Theory Center Communications Group, Inc. announced today that the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. approved its previously announced investment agreement with Columbia Ventures Corporation and Columbia Venture Broadband LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , subject to the confirmation of a plan of reorganization. The investment by Columbia Ventures forms the basis of CTC's forthcoming plan of reorganization. Michael Katzenstein, CTC's interim CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "The Bankruptcy Court approval of the selection of Columbia Ventures as plan investor is an important step forward for CTC and its dedicated employees. With the investment and the support of Columbia Ventures, CTC will maintain its position as the preeminent competitive telecom provider in the northeast. CTC thanks its customers for their continued belief in our company." He noted that CTC expects to emerge from chapter 11 with funding for growth, a reinvigorated business plan and a substantially unlevered balance sheet. CTC also announced that all regulatory filings required to consummate the transaction have been made by CTC and Columbia Ventures. Kenneth D. Peterson, Jr., Columbia Ventures CEO, stated, "I am delighted by the decision, which puts CTC on course to emerge from chapter 11 before the end of the year. We believe CTC's employees are among the best in the industry and we look forward to closing this transaction as quickly as possible. CTC's customers have shown their loyalty and proven their good judgment. Their confidence will be rewarded by CTC's strong customer orientation Customer orientation (CO) is the set of beliefs in sales that says that customer needs and satisfaction are the priority of an organization. It focuses on dynamic interactions between the organization and customers as well as competitors in the market and its internal stakeholders. , the continuation of superior existing services and the new services that we plan to roll out." Miller Buckfire Lewis Ying & Co., LLC, financial advisor to CTC, advised on the transaction. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement The statements in this press release that relate to future plans, events or performance are "forward-looking statements". Forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements as a result of various factors, some of which are unknown. These risks and uncertainties include the ability to obtain required consents of lenders, suppliers and other lessors, financial results, operating metrics expectations, reduced operating costs operating costs npl → gastos mpl operacionales , and the effects of the current economic conditions. Readers are, accordingly, cautioned not to place undue reliance on these forward-looking statements. CTC undertakes no obligation to release publicly the results of any revisions to these forward-looking statements that may be made to reflect results, events or circumstances after the date hereof. About CTC CTC is a "next generation" Integrated Communications Carrier utilizing advanced technology and providing its customers with converged voice, data, Internet and video services on a broadband, packet-based network, called the PowerPath(R) Network. The Company serves medium and larger business customers from Virginia to Maine, which includes the most robust telecommunications region in the world -- the Washington D.C. to Boston corridor. CTC's Cisco Powered IP+ATM packet network and its top-tier sales and service teams provide contiguous marketing and technology coverage throughout the Northeast and Mid-Atlantic States Mid-At·lan·tic States See Middle Atlantic States. Noun 1. Mid-Atlantic states - a region of the eastern United States comprising New York and New Jersey and Pennsylvania and Delaware and Maryland U.S.A. . The Company, through its dedicated commitment to exceptional customer service, has achieved an industry-leading market share in the Northeast. CTC can be found on the worldwide web at www.ctcnet.com. About Columbia Ventures Corporation and Columbia Ventures Broadband Columbia Ventures Corporation (CVC See CSC. ) owns and operates telecommunications and industrial businesses. The most recent addition to CVC's operations is Hibernia Atlantic For other uses of "Hibernia", see Hibernia (disambiguation). Hibernia Atlantic is a Transatlantic submarine communications cable system in the North Atlantic Ocean which connects Canada, the United States, Ireland and England. , a transatlantic fiber optic network with landing stations in Boston, Halifax, Liverpool and Dublin. The Hibernia Atlantic system includes a fully protected terrestrial system linking Boston via New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . CVC also operates a fiber optic metropolitan network in Spokane, Washington and is the largest shareholder in Og Vodafone, the second largest telecommunications provider in Iceland. The industrial businesses of CVC include Nordural, an aluminum smelter developed and constructed by CVC in Iceland, as well as aluminum manufacturing and fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. operations in the United States ands Mexico. CVC and its related businesses began operations in 1987. The company's headquarters are located in Vancouver, Washington. |
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