KPN agrees to pay EUR 50 mln in KPNQwest settlement

Friday 21 February 2014 | 11:25 CET | News
Dutch operator KPN has reached a final settlement with the administrators of its bankrupt joint venture KPNQwest. The company will pay EUR 50 million cash as part of a settlement by the Dutch operator, CenturyLink (which acquired Qwest) and the former management of KPNQwest with the administrators. A preliminary agreement was reached in November last year, for which KPN already took a provision of EUR 50 million. The joint venture went bankrupt in 2002, and the administrators blamed this in part on mismanagement. The total damages claimed reached around USD 2.2 billion.  

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Categories: Fixed
Companies: CenturyLink / KPN / KPNQwest / Qwest
Countries: Netherlands / World
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