FLAG Telecom Files Reorganization Plan
HAMILTON, Bermuda, July 8 -- FLAG Telecom Holdings Ltd. said last week it has filed a plan of reorganization and a disclosure statement in the U.S. Bankruptcy Court for the Southern District of New York.The company said it believes that "it can emerge from Chapter 11 and related proceedings by September 2002 with its global network intact, with a major reduction of its financial indebtedness and a reduced operating expense level that will still enable FLAG Telecom to service its customers."
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