CORRECTING and REPLACING CTC Communications Gains Court Approval for Disclosure Statement.Business Editors/High-Tech Writers CORRECTION...by CTC CTC - Cornell Theory Center Communications WALTHAM, Mass.--(BUSINESS WIRE)--Oct. 16, 2003 In BW5405 issued Oct. 16, 2003: Please replace the release with the following corrected version. The corrected release reads: CTC COMMUNICATIONS GAINS COURT APPROVAL FOR DISCLOSURE STATEMENT Creditors committee joins other major creditors in supporting amended plan of reorganization CTC Communications today announced 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. for the District of Delaware has approved its disclosure statement and scheduled a confirmation hearing for November 20, 2003. The Court authorized CTC to distribute its amended plan of reorganization ("Plan") and disclosure statement to creditors and to solicit votes in favor of its Plan. CTC intends to mail the documents on or before October 20, 2003. The Plan includes negotiated arrangements for the sharing of proceeds among CTC's secured and unsecured creditors Unsecured Creditor An individual or institution that lends money without obtaining specified assets as collateral. This poses a higher risk to the creditor because they have nothing to fall back on should the borrower default on the loan. A debenture holder is an unsecured creditor. . The Plan has the support of a majority of the holders of CTC's secured debt and the support of its official committee of unsecured creditors. Assuming confirmation by the Court, the Plan would become effective upon satisfaction of certain other conditions and consummation of the previously-announced investment agreement with Columbia Ventures Corporation and Columbia Ventures Broadband LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . "We are very pleased to have gained the support of the official committee of unsecured creditors and to have court approval for the Company's disclosure statement," CTC 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. Michael Katzenstein said. He noted that CTC remains on track to emerge from Chapter 11 protection in the next few months. 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 statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ". 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 metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. 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. |
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