Netia Holdings S.A. arrangement proceedings open in Warsaw
WARSAW, Poland - May 15, 2002 - Netia Holdings S.A. (Nasdaq: NTIAQ, WSE: NET), Poland's largest alternative provider of fixed-line telecommunications services, announced that the court in Warsaw today opened an arrangement proceeding with respect to the Company, following its motion filed on February 20, 2002, with the deadline for verifying creditors' claims set for June 18, 2002.
As previously announced, filings for opening of arrangement proceedings were also made on February 20, 2002 by two of Netia Holdings S.A.'s subsidiaries, Netia Telekom S.A. and Netia South Sp. z o.o. On April 22, 2002, arrangement proceedings were opened for Netia Telekom S.A., and the announcement by the court of the decision regarding opening proceedings for Netia South Sp. z o.o. is scheduled for May 20, 2002.
The arrangement proceedings for Netia Holdings S.A., Netia Telekom S.A. and Netia South Sp. z o.o. are occurring in the context of the Restructuring Agreement reached on March 5, 2002 with Netia's bondholders and certain of its creditors.
Some of the information contained in this news release contains forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward-looking statements as a result of various factors. For a more detailed description of these risks and factors, please see the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F filed with the Commission on March 28, 2002, it Current Report on Form 6-K filed with the Commission on April 3, 2002, it Current Reports on Forms 6-K filed with the Commission on May 6, 2002, and its Current Report on Form 6-K filed with the Commission on May 7, 2002. The Company undertakes no obligation to publicly update or revise any forward-looking statements.