360Networks gets extension in restructuring
360networks landed a bankruptcy protection extension until Dec. 31 from the Supreme Court of British Columbia. The company had filed for bankruptcy in British Columbia and the United States June 28.
360networks President and CEO Greg Maffei says the extension allows time to restructure the company's business plan in North America and to sell key assets outside of the United States and Canada.
Maffei says the plan entails building and lighting an optical mesh network in North America and continuing service to existing customers.