CARRIER 1 INTERNATIONAL S.A.
Carrier1 S.A. english
Order of Administration Entered with Respect to
Ad-hoc-announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Order of Administration Entered with Respect to
Luxembourg, 13-February-2002 Carrier1 International S.A. (the “Company”) (Neuer
Markt: CJN, NASDAQ: CONE) announced today that Gareth Hughes and Michael
Rollings of Ernst & Young LLP have been appointed by the High Court as joint
administrators of its wholly owned subsidiary Carrier 1 UK Limited. The
petition was made by Carrier 1 UK Limited.
Carrier 1 UK Limited sought an order for administration in anticipation that
this would allow either the survival of Carrier 1 UK Limited and the whole or
any part of its undertaking as a going concern or a more advantageous
realization of Carrier 1 UK Limited’s assets than would be effected in a winding
up. There can be no assurance that the order for administration will achieve
such purposes.
The Company expects that its other subsidiaries will file for similar or
insolvency proceedings in their respective jurisdictions shortly and, in many
cases, this week. The Company announced yesterday that it has petitioned the
Luxembourg court requesting admission to a gestion controlee (controlled
management) proceeding.
As at February 5, 2002, the Company and its subsidiaries, on a consolidated
basis, had approximately $88.9 million of cash and cash equivalents, restricted
cash and available for sale securities. A substantial portion of this amount,
however, is held by the Company s subsidiaries and is not available to the
Company. As of the same date, the Company, on a stand-alone basis (i.e.,
unconsolidated), had approximately $33.9 million of cash and cash equivalents,
restricted cash and available-for-sale securities.
Enquiries
Ernst & Young +44 20 7951 4348
end of ad-hoc-announcement (c)DGAP 13.02.2002
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WKN: 932 485; ISIN: LU0107939984; Index: NEMAX 50
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München und Stuttgart
131738 Feb 02
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