Update: Cable & Wireless Close to Sale

• By The WHIR, November 07, 2003

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November 7, 2003 -- (WEB HOST INDUSTRY REVIEW) -- The sale of the Cable & Wireless (cw.com) U.S. Web hosting division is imminent and could conclude in the next two weeks, according to a source close to the discussions.

Yesterday, theWHIR reported that the company's U.S. division might be close to filing for bankruptcy. While the source did not deny the possibility, they said a potential chapter 11 filing would only be used to eliminate excessive office space that is underutilized and detrimental to the company's bottom line.

The source also emphasized that the imminent sale and rumors of a bankruptcy filing do not point to an impending liquidation. Rather, the expected sale and potential chapter 11 filing were the final stages of the restructuring and consolidation process set in motion last November.

The identity of the potential buyer was not disclosed.

Tags:  Cable & Wireless 

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