AT&T remains committed to working with Excite@Home’s management and the bankruptcy court to provide uninterrupted high-speed cable Internet service to existing Excite@Home customers, as well as continuing relationships with other cable companies to ensure seamless service to their customers on the @Home network. However, the asset purchase agreement remains subject to higher and better offers.
If the asset sale is approved, the company also said it plans to build on the assets it acquires to develop a more robust network while improving and growing its broadband high-speed Internet access business for all cable company subscribers.
The boards of directors of both AT&T and Excite@Home have approved the asset-purchase agreement, which will be filed with the bankruptcy court and the Securities & Exchange Commission. The transaction is subject to bankruptcy court approval and certain other conditions. Subject to such approval, the companies hope to close the transaction by early next year.
AT&T noted that debtor-in-possession financing was unnecessary, as Excite@Home believes it has sufficient funds to continue operations throughout the period prior to closing.
SOURCE: COMPANY PRESS RELEASE
