Article: Bids Made For Broke NorthPoint

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Subject: Article: Bids Made For Broke NorthPoint

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Subject: Telecom Services: Broadband Services: Bids Made For Broke NorthPoint

Bids Made For Broke NorthPoint
Dick Kelsey, Newsbytes

03/06/2001
Newsbytes News Network
© Copyright 2001 Post-Newsweek Business Information, Inc. All rights
reserved.
EMERYVILLE, CALIFORNIA, U.S.A., 2001 MAR 6 (NB). Bidding started today on
bankrupt broadband services provider Northpoint Communications Group
[NASDAQ:NPNTQ], more than three months after Verizon Communications [NYSE:VZ]
killed the companies' merger plan.
Northpoint did not identify bidders or discuss the amount of bids received,
citing a "quiet period" that precludes disclosure of such details.
"It is our hope to sell the company as a whole, but we cannot speculate on
the outcome of this structured sale process," Northpoint Communications
President and CEO Liz Fetter said in a news release.
Bidding is scheduled to close on March 20 and the winning bid will be
submitted to bankruptcy court the next day, Northpoint said.
Emeryville, Calif.-based Northpoint filed for Chapter 11 bankruptcy
protection on Jan. 16, six weeks after Verizon scuttled the companies' plans
to merge. Northpoint has since sued Verizon for $1 billion in damages over
cancellation of the merger.
Verizon on Nov. 29 pulled out of the $800 million merger agreement, citing
Northpoint's deteriorating financial condition. The companies intended to
merge their digital subscriber line (DSL) businesses into a national
broadband company.
Northpoint spokesman Marvin Wamble told Newsbytes that the company currently
employs 1,065 people, down from its peak level of 1,800 workers last year.
Northpoint Communications is on the Web at http://www.northpoint.net
Verizon can be found at http.www.verizon.com
Reported by Newsbytes.com, http://www.newsbytes.com .
16:22 CST Reposted 16:23 CST

Press Contacts: Marvin Wamble, Northpoint, 510-450-7432, e-mail:
mwamble@northpoint.net /WIRES ONLINE, LEGAL, TELECOM,
BUSINESS/NORTHPOINT/PHOTO

Folder Name: Telecom Services: Broadband Services
Relevance Score on Scale of 100: 83

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