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More 360networks units file for protection in Canada

Thu, 10/25/2001 - 8:00pm
Anne Kerven

Four more operating subsidiaries of 360networks filed in Canada for protection from creditors, the company says.

The companies — 360atlantic inc. in Canada, 360atlantic inc. and 360atlantic sales inc. in the United states, and threesixty atlantic inc. in Barbados — filed for protection under the Companies' Creditors Arrangement Act in the Supreme Court of British Columbia. The company says another operating entity, 360atlantic Ltd. in the United Kingdom, has "instituted administration proceedings in England."

360networks and several other operating subsidiaries filed for protection under CCAA in British Columbia at the end of June. At the same time, 360networks inc. and 22 affiliates filed for Chapter 11 bankruptcy in a New York bankruptcy court.

Other subsidiaries in Europe and Asia also have started insolvency proceedings, it said.

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