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  • Digital Teleport to Auction Fiber Optic Business
Jan 2003
ST. LOUIS, Jan. 1 -- Digital Teleport Inc. has asked a federal bankruptcy court for approval to conduct an auction for the sale of its regional fiber optic business to the highest bidder and disclosed it has received a definitive $38 million bid from local exchange telephone company CenturyTel Inc.

Digital Teleport Friday afternoon also asked the US Bankruptcy Court for the Eastern District of Missouri in St. Louis to approve bidding procedures and to set a Feb. 10 auction date with a potential sale to be approved by the court on Feb. 18. Bids from any other qualified buyers are due Feb. 7. Digital Teleport provides wholesale fiber optic transport and Ethernet services in secondary and tertiary markets in the Midwest to national and regional telecommunications carriers.

The agreement negotiated with CenturyTel provides for upward adjustments to the purchase price, including certain capital expenditures prior to the closing of the sale.

As a so-called "stalking horse bidder," CenturyTel is entitled to submit higher bids in the auction and will receive a break-up fee of approximately 2 percent if its original bid is not ultimately accepted.

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