CoServ Telecom Holdings Moves Forward with Bid-Auction Process; Move Designed to Facilitate Process With Interested Potential Purchasers.Business Editors & High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers CORINTH, Texas--(BUSINESS WIRE)--Jan. 13, 2002 CoServ Telecom Holdings, L.P. today announced that it has filed a motion in 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. setting a deadline of February 11, 2002, for potential purchasers of its telephone and cable companies. CoServ's motion also sets February 14, 2002, as the date for the auction to determine the successful bidder. The motion is expected to be approved during a scheduled January 25 hearing. A copy of the motion can be found on the website of CoServ's legal counsel, Gardere Wynne Sewell LLP LLP - Lower Layer Protocol , at http://www.gardere.com/Bankruptcy/listcases.asp. "We initiated the Chapter 11 reorganization in order to continue providing high levels of service to our customers as we sought a buyer who will operate the telephone and cable companies with our same customer service focus," said Jim Chism, division president of CoServ Communications. "At that time, we noted that we had received inquiries from interested buyers. In fact, numerous prospective purchasers have indicated a strong interest in these companies, and many are currently conducting due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. . The bid-auction process overseen by the court is a fair and expedient ex·pe·di·ent adj. 1. Appropriate to a purpose. 2. a. Serving to promote one's interest: was merciful only when mercy was expedient. b. way to conclude the sale of these companies." On November 30, 2001, CoServ sought Chapter 11 protection for its telephone and cable companies. On December 20, 2001, CoServ Telecom Holdings announced it had secured Debtor-in-Possession ("DIP") financing from National Rural Utilities Cooperative Finance Corporation ("CFC CFC See: Controlled foreign corporation ") in the amount of $5.4 million. For nearly 65 years, CoServ Electric CoServ Electric is a non-profit rural electric utility cooperative headquartered in Corinth, Texas. CoServ was organized in 1937 as the Denton County Electric Cooperative, and took its current DBA name (a shortened version of "cooperative services") in 1998. has provided dependable, affordable electric power to thousands of customers in the North Texas area. In 1998, the company expanded both its service area and its service offerings to include a broad range of services. Further information on CoServ Communications is accessible at www.coservcom.com and further information on CoServ Electric is accessible at www.coserv.com. |
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