Banks will recover KPNQwest to damage
AMSTERDAM (DFT) - the bank consortium of the bankrupt
cable company KPNQwest wants an amount of zo’n $300 millions of
former toplieden and shareholder Qwest. It returns for money
that among others ABN AMRO, Deutsche years lent GTS bank and the
American Citibank three to KPNQwest for the adoption of branchegenoot.
Then the company briefly went bankrupt and could the verbolgen
banks whistle to their money.
They claim the loan on the basis of a found oneself show of
matter to have supplied.
All this proves to be according to the telegraph annual report
of Qwest, published from the beginning this year. The American
telecomconcern speak in this of on 20 January 2005 pronounced
„intentie” of the banks a complaint to lodge at the
court in Denver, Colorado „vanwege among others fraud, incorrect
show of matter and crack of the faith duty, (…) concerning loans
KPNQwest of approximately $300 miljoen”. ABN AMRO, which
participated for small 10% in the objected to loan, confirms ophanden
is detriment-claim, but does not wish substantive the matter discuss.
„Het research runs nog”, is everything what
for the of the Dutch bank wants further lost. This research must
show among others on who lost out can be recovered zoal. In the
annual report of Qwest the names have been named anyway of the company
itself, former governing board President Joe Nacchio,
ex-bedrijfsjurist Drake Tempest, jacket McMaster (the former governing
board President of KPNQwest and since previous year top man of
American it-bedrijf the LSSI) and other oud-werknemers of the two
companies. It twists all a credit facility of in sum $525
millions to KPNQwest, to be able incorporate GTS the American
branchegenoot. This adoption was labelled as last rescue
possibility of the cable company, which had touched as a result of
collapsing the telecommarkt in large problems. After the
bankruptcy of KPNQwest claimden to the raging banks the money on the
basis of a too positive show of matter to have supplied. They
want recover the approximately $300 millions which had been already
opgesoupeerd, now therefore on the head role players in the perdition
of KPNQwest. It certain not the first claim in the aftermath of
the largest bankruptcy in the Dutch historie is. A year chips
the two curators of KPNQwest, Eddy Meijer and Jan of apeldoorn, for
example already a matter against Qwest, Nacchio, Tempest and former
financially top man Robert Woodruff, the approximately $3 billion to
debts the cable company had left behind which to progress. And
in October 2002, some months after the bankruptcy, on behalf of a
large group shareholders of KPNQwest class action (collective
procedure) were established against the Dutchman Willem Ackermans,
medeoprichter and indicated financial director of KPNQwest. The
boze beleggers felt itself victim of fraud for the turnover figures of
the company én the rate of the share on at krikken.
KPNQwest the turnover in some years for hundreds of millions
dollars will have blown up, by closing useless ruiltransacties with
line-enjoyed. Shortly after concluding a considerable bank loan
KPNQwest had request bankruptcy. Commitment: Jacket
McMaster (l.) and Joe Nacchio.
The role of the bank consortium zélf is moreover either
onomstreden. Thus according to the curators of KPNQwest
particularly Deutsche bank, Dresdner improve bank and bank or America
from Gts-deal tevoorschijn have come. These three banks, which
had put jointly already $225 millions in the nearly bankrupt GTS, will
strongly have insisted on the adoption by KPNQwest.
Thereby the new loan concerning six banks and two finance
companies were divided. The cable company was established in
1998, KPN and Qwest, which the company spent a year after a
tempestuous beginning later to grant. Beginning this year wrote
that to Qwest in its annual report (imminent) the lawsuits on the
former groeibriljant „nog at an early stage verkeren”,
but the company warns that negative in één or
several cases „onze financiële is possible position and the
capacity to meet our obligations, very disadvantageous
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Source "banks will recover KPNQwest to damage": telegraph
Head index page of "banks will recover KPNQwest to damage"
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