Carrier1 International S.A. Petitions for a gestion controlee Proceeding in Luxembourg.Business Editors LUXEMBOURG--(BUSINESS WIRE)--Feb. 12, 2002 Carrier1 International S.A. (the "Company") (Neuer Markt: CJN CJN Canadian Jewish News , NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CONE) announced today that it has petitioned the Luxembourg court requesting admission to a gestion controlee proceeding. The Company expects that its subsidiaries will file for similar or insolvency insolvency Condition in which liabilities exceed assets so that creditors cannot be paid. It is a financial condition that often precedes bankruptcy. In the context of equity, insolvency is the inability to pay debts as they become due; insolvency under the balance-sheet proceedings in their respective jurisdictions shortly and, in many cases, this week. The Company is seeking admission to the gestion controlee proceeding in order to manage an orderly realization of value from its assets. The Company believes that the gestion controlee proceeding and the related moratorium A suspension of activity or an authorized period of delay or waiting. A moratorium is sometimes agreed upon by the interested parties, or it may be authorized or imposed by operation of law. on creditor An individual to whom an obligation is owed because he or she has given something of value in exchange. One who may legally demand and receive money, either through the fulfillment of a contract or due to injury sustained as a result of another's Negligence claims will enable it to consider and pursue potential transactions involving the sale of all or part of its business. There can be no assurance that the Company will enter into any such transaction. The Company expects in due course that it will be liquidated DAMAGES, LIQUIDATED, contracts. When the parties to a contract stipulate for the payment of a certain sum, as a satisfaction fixed and agreed upon by them, for the not doing of certain things particularly mentioned in the agreement, the sum so fixed upon is called liquidated damages. (q.v. but does not expect there to be any recovery for its shareholders. The Company does not expect to make the scheduled interest payment on its Senior Euro and Dollar Notes on 15 February 2002. The Company expects that, in due course, its American Depositary Shares American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. (ADSs) will be delisted from the Nasdaq National Market System and its shares will be delisted from the Frankfurt Neuer Markt. Among other things, in the gestion controlee proceeding, a company's management requires the approval of a court-appointed official for certain actions and there is a moratorium on claims by creditors. Further information For further information, please contact Keith Johnson Carrier1 International SA Tel. +44 20 7001 6357 keith.Johnson@carrier1.com 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. Some of the statements contained in this release discuss future expectations or state other forward-looking information, including the implications of today's filing for the listing or delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. of the Company's ADSs and shares, realization of value from its assets, the prospect of no recovery for shareholders, filing of proceedings by the Company's subsidiaries, and the outcome of these and the Company's proceedings. Those statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual situation to differ materially from those contemplated by the statements. The "forward-looking" information is based on various factors and was derived using numerous assumptions. In some cases, these so-called forward-looking statements can be identified by words like "may", "will", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of those words and other comparable words. These statements only reflect the prediction of Carrier1. Consequently, such forward-looking statements should be regarded solely as Carrier1's plans, estimates and beliefs at the date made. Carrier1 does not undertake, and specifically declines, any obligation to release publicly the results of any revisions to these forward-looking statements that may be made to reflect any events or circumstances that occurred or may occur after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. |
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