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Oct. 16, 2002, 2:40PM
Williams Communications to have new name
Reuters News Service
TULSA, Okla. - High-speed communications services company Williams Communications Group said today it emerged from Chapter 11 bankruptcy under a new name, and it will look for a new chief executive officer.
The company, which filed for bankruptcy in April in a bid to restructure about $6 billion in debt, now will operate as WilTel Communications Group Inc. It was one of several telecommunications carriers to buckle under slumping demand, a glut of network capacity and stiff competition.
The company said it emerged from bankruptcy with a new $375 million credit facility, and no other substantial debt obligations other than those related to its headquarters building.
As the new WilTel and other carriers such as FLAG Telecom Ltd., Teligent Inc. and McLeodUSA Inc. emerge essentially debt-free from bankruptcy, the struggling telecommunications company faces a new risk, analysts said.
"These companies who are emerging from bankruptcy no longer have the crushing debt load that many of their competitors still have. They have a lower cost structure, which conceivably gives them an edge in the competitive wars if they start to compete on price," said independent telecommunications analyst Jeffrey Kagan.
"The last thing this industry needs is a price war as it struggles to get back up on its feet," Kagan said.
However, other analysts have said the reorganized companies may have trouble attracting and retaining customers who have been spooked by the industry's financial troubles and accounting scandals. Skittish customers may flock to more established carriers such as AT&T Corp. or Sprint Corp. , rather than risk business with an emerging carrier.
The new WilTel canceled existing shares of Williams Communications stock, and issued 50 million shares of WilTel stock. The new shares will trade on the Bulletin Board under the symbol "WTELV."
About 54 percent of the new shares will be distributed to unsecured creditors, and 44 percent the shares will be owned by Leucadia National Corp. , which had agreed to purchase a minority stake in the reorganized company for about $330 million.
The remaining two percent of the new equity has been set aside for potential recovery by holders of securities-related claims.
Meanwhile, the company said Howard Janzen resigned as president, CEO and as a director. The board of directors will begin a search for a successor. Janzen, an engineer, has led Williams Communications since its formation in 1995 and led it through its April 2001 spinoff from Williams Cos. and now through its bankruptcy reorganization.
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Williams Communications Renamed
By CLAYTON BELLAMY
AP Business Writer
TULSA, Okla. (AP)--Williams Communications Group Inc. has emerged from Chapter 11 bankruptcy protection as a leaner, newly named company with new ownership but minus its longtime CEO.
The Tulsa-based broadband wholesaler said Wednesday its reorganization divides ownership of the newly named WilTel Communications Group Inc. between the old company's bondholders and a New York investment bank.
President and chief executive Howard Janzen resigned Tuesday after seven years, a departure that also creates an absence on the company's new board of directors, WilTel said. No replacement was named.
Williams Communications filed for bankruptcy April 22, claiming debts of $7.15 billion versus assets of $5.99 billion. A federal judge approved the reorganization plan Sept. 30.
The company amassed its debt building a 33,000-mile fiber optic network that connected 125 cities on five continents. Its network and others contributed to a glut of broadband that drove down prices, preventing Williams and many competitors from raising enough revenues to meet debt payments.
After bankruptcy, WilTel's bank debt is $375 million, with the only other significant debt related to its Tulsa headquarters building, the company said.
Bondholders will own 54 percent of 50 million new WilTel shares, which replace Williams Communications shares that had been trading for pennies over the counter.
New York investment bank Leucadia National Corp. will control 44 percent of WilTel, after investing $150 million and buying claims held by former parent company, Williams Cos., for $180 million.
``Today WilTel emerges as a financially healthy, industry leader,' the company, which is incorporated in Nevada, said in a statement.
Leucadia's investment will be held in an escrow account until Federal Communications Commission licenses are transferred from the old company to the new one, expected to be completed by February.
Stockholders, who have filed class-action lawsuits, can get up to 2 percent of WilTel equity--plus any money a court may award _ by pursuing claims against company officers' and directors' liability insurance. They can also pursue claims against the accountants and auditors of Williams and Williams Cos., a Tulsa-based energy giant.
Janzen, an engineer, has led Williams Communications since its formation in 1995 and led it through its April 2001 spinoff from Williams Cos. and now through its bankruptcy reorganization.
``Howard is a major reason for the Company's rapid emergence from Chapter 11 and for the seamless management of operations and customer care since the company's founding and over these difficult past six months,' WilTel said.
Williams Communications Tops Next-Generation Carriers in Atlantic-ACM's 2002 'Wholesale Carrier Report Card'
Company Places First or Second in Every Category, Underscoring Its Co
TULSA, Okla., May 14, 2002 /PRNewswire-FirstCall via COMTEX/ -- Reinforcing its position as one of the industry's leading broadband providers, Williams Communications (OTC Bulletin Board: WCGRQ) has performed exceptionally in Atlantic-ACM's 2002 "Wholesale Carrier Report Card," placing first or second in each of the six survey categories and leading all next-generation carriers. The study, conducted by telecom analyst firm Atlantic-ACM in November and December 2001, asked 600 wholesale customers to rank their network service provider based on customer service, products, network, billing, pricing and provisioning.
Williams Communications was the leader in the customer service area, improving its performance by 28 percent from the 2001 study. In this category, customers rated carriers on professionalism, information/technical expertise, responsiveness, proactive/consultative selling, and marketing support.
"These scores reflect superior service and clear satisfaction with Williams Communications. By remaining committed to improving customer service and operations, Williams Communications should remain a strong player in the wholesale arena," said Judy Reed-Smith, chief executive officer of Atlantic- ACM.
Williams Communications also placed first in the provisioning and pricing categories, both key elements that will affect wholesalers' success in customer retention, according to Atlantic-ACM. In the provisioning category, which measures the time it takes to turn up network service and the simplicity and effectiveness of the ordering system, Williams Communications improved its position by 67 percent compared to the 2001 study, surpassing larger, more established carriers.
"Williams Communications is committed to providing exceptional customer service and achieving operational excellence. This survey confirms we are reaching our goals and exceeding our customers' expectations," said Frank Semple, chief operating officer for Williams Communications. "As we move through our restructuring efforts, customers can be assured that we will remain dedicated to delivering the superior network services they require."
For further information about the Atlantic-ACM "Wholesale Carrier Report Card and Industry Analysis 2002-2006," visit http://www.atlantic-acm.com/indrpts/curntrpts.htm .
About Williams Communications Group, Inc.
Based in Tulsa, Okla., Williams Communications Group, Inc., is a leading broadband network services provider focused on the needs of bandwidth-centric customers. Williams Communications operates the largest, most efficient, next-generation network in North America. Connecting 125 U.S. cities and reaching five continents, Williams Communications provides customers with unparalleled local-to-global connectivity. By leveraging its infrastructure, best-in-breed technology, connectivity and network and broadband media expertise, Williams Communications supports the bandwidth demands of leading communications companies around the globe. For more information, visit www.williamscommunications.com .
About ATLANTIC-ACM, Inc.
ATLANTIC-ACM, founded in the early 1980s, is an international strategy, consulting and research firm serving emerging and converging networked communications industries worldwide. We offer authoritative reports on the telecommunications industry and proprietary consulting to companies in telecommunications information industries worldwide, as well as merger and acquisition counsel. For more information, visit www.atlantic-acm.com
Certain statements made by Williams Communications in this release may constitute "forward-looking statements" that are made in reliance on the "safe harbor" protections provided under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated or indicated. For more detail regarding such risks and uncertainties, please refer to Williams Communications' periodic reports and other filings with the Securities and Exchange Commission. All trademarks are the property of their respective owners.
Contacts: Patty McKissick Williams Communications (media) (918) 547-5750 Patty.mckissick@wcg.com Lindsay Hurley Williams Communications (investors) (918) 547-3773 Lindsay.hurley@wcg.com MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X19373635
SOURCE Williams Communications Group, Inc.
CONTACT: media, Patty McKissick, +1-918-547-5750, or Patty.mckissick@wcg.com , or investors, Lindsay Hurley, +1-918-547-3773, or Lindsay.hurley@wcg.com , both of Williams Communications Group, Inc.
GlobalAxxess Announces Intent to Swap With WCGRQ Shareholders
TULSA, Okla., May 8, 2002 /PRNewswire via COMTEX/ -- GlobalAxxess Holdings has announced its intent to submit a plan to the stockholders of Williams Communications Group ("WCG" Ticker Symbol "WCGRQ") that will protect their interests by swapping WCG shares for privately-held shares of GlobalAxxess. GlobalAxxess intends to submit a bankruptcy bid for WCG in such a manner that the WCG stockholders would not be wiped out. According to the current reorganization plan that was filed as the Chapter 11 bankruptcy it is intended to wipe out the economic interests of all out existing shareholders. See http://bankrupt.com/williams.txt .
The Company intends to offer stock swap agreements that the WCG stockholders will be included in a reorganization plan that is sponsored by GlobalAxxess on behalf of WCG and its shareholders. Such swap agreements would be contingent upon bankruptcy acquisition of WCG by GlobalAxxess and subject to reaching agreements that would resolve matters with creditors, equity holders and other interested parties.
The GlobalAxxess swap offers will be available to holders of the publicly traded shares, the WCG employees who would suffer loss to their 401(k) plans under the proposed reorganization, and the ERISA fraud claimants that have already filed suit against The Williams Companies and contemplating such action against WCG. See http://www.erisafraud.com/williamsco/ .
GlobalAxxess has indicated to WCG its desire to submit a proposal that would acquire the company and implement a comprehensive workout with creditors and shareholders but was not allowed into the negotiations prior to the April 22 bankruptcy filing. On April 12, GlobalAxxess notified WCG and legal counsel for the Unofficial Creditors Committee that a higher GlobalAxxess offer was open for discussions but the negotiations remained in "lock up" and a higher offer was not considered. As part of that bankruptcy filing, it was announced that the WCG equity holders would receive nothing in the proposed reorganization and the Williams Companies had offered $200 million and a conversion of creditor debt into equity shares of a new reorganized entity that would be owned by The Williams Companies and WCG creditors.
Preliminary discussions between GlobalAxxess and creditor representatives commenced May 7.
GlobalAxxess is engaged in the acquisition of multiple networks and consolidation of the assets into one operating company to deliver a broad range of services. GlobalAxxess believes that its consolidation approach will strengthen the surviving companies well beyond any standalone plan and build greater value for stockholders and creditors.
Interested shareholders should register at the Williams Communications Shareholder Web site at http://www.wcgiso.com/ .
GlobalAxxess is a privately held company and an initial public offering is planned for 2004 if market conditions permit. At time of an IPO, much of the losses of the WCG equity holders should be recoverable as well as those creditors who convert part of their claims into an equity stake during the reorganization process.
MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X03359613
SOURCE GlobalAxxess Holdings
CONTACT: Karl Schwarz, Chairman and CEO of GlobalAxxess Holdings, +1-501-663-4959
Stock, Equity Lost in Williams Communications' Bankruptcy
May 02, 2002 (Tulsa World - Knight Ridder/Tribune Business News via COMTEX) --
Williams Communications Group Inc.'s slide into bankruptcy wiped out 490 million
shares of stock and more than $2 billion in equity held by 15,500 shareholders.
Common shareholders stand to lose everything they invested in the Tulsa-based
wholesale broadband provider, but company employees and executives also lost
their investments, Williams Communications officials said.
"Guaranteed, all of us (executives and employees) are shareholders. We feel the
impact," said Howard Janzen, the company's chairman, president and chief
executive officer.
Some more than others, according to company documents on file with the
Securities and Exchange Commission.
In the company's annual 10-K filing with the SEC on April 1, Williams
Communications disclosed that five company executives, including Janzen, have
been sheltered from the plummeting stock price by a $13 million program that
forgives executives' loans whose collateral is the value of the executives'
stock.
So, while common shareholders' only recourse for their losses is petitioning the
judge in U.S. Bankruptcy Court for the Southern District of New York, where the
company filed Chapter 11 on April 22, Williams Communications executives have
received $13 million from the company to compensate them for their deteriorating
stock values.
These benefits, which the company calls "the executive retention bonus plan,"
are in the form of 20 percent loan forgiveness per year over five years,
beginning Dec. 31, 2001, and concluding on the same date in 2005. The retention
bonuses were awarded to the executives by the compensation committee of WCG's
board of directors on Jan. 18.
The company's 10-K filing reveals that executives receiving retention bonuses
are guaranteed forgiveness of the outstanding loan balances even if the company
files for bankruptcy.
"The final payment date is Dec. 31, 2005, unless employment is terminated for
reasons other than cause, death or disability or if the agreement is rejected in
any voluntary or involuntary bankruptcy proceedings in which case the executive
can set off his claim for any remaining bonus payments against his outstanding
loan balance," the company discloses in its most recent 10-K filing.
"In essence, (the loan) is forgiven," said WCG General Counsel P. David Newsome
Jr. "Every time a payment comes due, you would exercise your setoff right."
At the compensation committee meeting of Jan. 18, Gerald Carson, WCG's chief
people officer, noted that the outstanding executive loans exceeded the value of
the collateral, which is the stock of WCG and Williams Cos.
(At the spinoff on April 23, 2001, each shareholder of Williams Cos. stock
received 0.82 share of WCG stock. Williams Cos. stock closed at $38.65 and WCG
closed at $4.20 on April 23, 2001.)
Under various Williams Cos. stock option loan programs inherited by WCG at the
spinoff, executives could borrow up to 80 percent of the value of their stock.
The money could be used only to buy company stock, company executives said.
Currently, WCG does not have a stock option loan program, but the company will
complete its obligations under outstanding Williams Cos. plans, executives said.
H. Brian Thompson, chairman of the compensation committee and chief executive
officer of Universal Telecommunications Inc., a private investment and advisory
firm, said the committee felt it had to increase executive compensation.
"Anytime your shares are under water, it's demotivation for people," Thompson
said. "The overhang was such a problem that companies from outside were
approaching our people" with recruiting pitches that included loan forgiveness
bonuses, Thompson said.
"Some of our folks were being recruited heavily," Thompson said. "They're
first-class people."
Some shareholders disagree, calling the bonuses a "free lunch," unethical and an
abuse of common stock investors. Several filed complaints about the retention
bonus plan with the Oklahoma Department of Securities. The department on Friday
launched an investigation into WCG's spinoff from Williams Cos. and related
financial transactions.
The five executives singled out for retention bonuses -- Janzen, Carson, Chief
Financial Officer Scott Schubert, Co-Chief Operating Officer Frank Semple, and
Director of Corporate Development James Dutton -- had outstanding loan balances
of $13.01 million on Dec. 31.
WCG Co-Chief Operating Officer John Bumgarner Jr., with $6.9 million in company
loans outstanding, has more loans than any other company executive, but he is
not included in the retention bonuses because he is retiring later this year,
company officials said.
As of Dec. 31, the outstanding loan balances are: Janzen, $5.6 million;
Schubert, $4 million; Semple, $2.01 million; Carson, $1.16 million, and Dutton,
$238,478.
Bumgarner, Janzen, Schubert, Semple, Carson and Dutton declined comment.
Cary Robinson, who follows the telecom industry for U.S. Bancorp Piper Jaffray
in Minneapolis, said executive compensation at Williams Communications is out of
proportion to the company's financial performance.
"We took no bonuses and a pay cut here to make this company work," Robinson
said. "So they get a $13 million retention bonus and lay off 20 percent of their
work force? How do I get one of those jobs?"
In addition to salaries awarded executive officers, Williams Communications
compensates executives with cash incentive payments, stock options and deferred
stock, the company disclosed in documents filed with the government.
Under the cash incentive program in 2001, Janzen was awarded $269,200 in the
form of 213,651 shares of WCG common stock. The cash incentive program is based
on the company's stock performance during the year, and Janzen's compensation
represents 65 percent of the award target, according to the 10-K filing.
A stock option grant of 200,000 shares also was awarded Janzen by the board of
directors in 2001, and another grant of 66,667 shares was awarded him in
November when the company moved to a three-times-a-year grant cycle, the 10-K
reveals.
Fred Russell, chief executive officer of Fredric E. Russell Investment
Management Co., a Tulsa-based investment firm, said WCG's executive retention
program is an abuse of shareholders.
"When the company is short of cash and headed toward bankruptcy, they are
forgiving loans to executives who anyone would say are well-paid," Russell said.
"As shareholders, however, we do not have to take this lying down. We can
protest undeserved option rewards, excessive cash compensation, arbitrary
forgiveness of multimillion-dollar loans and anything else that suggests a
country club run for a handful of executives."
By D.R. Stewart
To see more of the Tulsa World, or to subscribe to the newspaper, go to http://www.tulsaworld.com.
(c) 2002, Tulsa World, Okla. Distributed by Knight Ridder/Tribune Business News.
Oooooooooooooooops..................!!
Them thar "Q"s don't set so well with the penny crowd.
John
.
Oooooooooooooooops..................!!
Them thar "Q"s don't set so well with the oenny crowd.
John
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Williams Communications to Complete Financial Restructuring and Reduce Debt By Approximately $6 Billion Through a Negotiated Chapter 11 Filing
TULSA, Okla., Apr 22, 2002 /PRNewswire-FirstCall via COMTEX/ -- Williams
Communications Group, Inc. (OTC Bulletin Board: WCGR), the parent company of
Williams Communications, LLC, today announced that it has entered into
agreements with its principal creditor groups regarding certain significant
terms of a debt restructuring to reduce the Company's debt by approximately $6
billion through a negotiated Chapter 11 filing. Over 90% of the Company's bank
lenders were joined by an ad hoc committee of bondholders in reaching these
agreements.
In order to effectuate the plan, the Company has filed a voluntary petition for
reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of New York and expects to file a
plan of reorganization in the near future.
The Company's operating subsidiary, Williams Communications, LLC, is not
expected to be involved in the Chapter 11 reorganization process. Accordingly,
the filing is not anticipated to affect domestic or international business
operations of Williams Communications, which the Company intends to continue
uninterrupted.
"After considering all options, it was determined that a Chapter 11 financial
restructuring would be the best method to restructure the holding company's
balance sheet while at the same time protecting the ability of Williams
Communications to continue operations without interruption," said Howard Janzen,
Chairman and Chief Executive Officer. "During the Chapter 11 process, Williams
Communications' operations and its customer relationships will have the
opportunity to continue, along with its strong customer commitment and focus."
The Company and its bank lenders and bond holders have entered into a lock-up
agreement pursuant to which the creditor groups will vote in favor of a plan of
reorganization consistent with the terms outlined in the lock-up agreement. The
lock-up agreement will remain in place until July 15, 2002, although the Company
may obtain an automatic extension to October 15, 2002, if it has filed a plan of
reorganization and has met certain other conditions.
The lock-up agreement establishes a framework for a reorganization in which 100%
of the holding company's pre-petition unsecured claims would be converted into
100% of the common stock of the reorganized company. The lock-up agreement also
requires Williams Communications to raise at least $150 million through
additional debt or equity investment prior to approval of the plan of
reorganization in order to facilitate the Company's commitment to prepay $450
million of its bank debt, $200 million of which was prepaid upon execution of
the lock-up agreement.
The Williams Companies, Inc., the Company's third principal creditor and former
parent, previously agreed not to oppose a plan of reorganization as long as
certain conditions were met. These conditions include providing for the
treatment of certain of Williams' unsecured claims in a manner substantially
identical to the treatment of other unsecured claims against the Company, not
impairing Williams' claims related to certain service and lease agreements, and
containing other terms related to the treatment of certain service and lease
agreements still in place following the spin-off of the Company.
After the Company files the proposed plan of reorganization, the court must
first approve the proposed plan and disclosure statement, which will then be
distributed to all members of the principal creditor groups for approval. Taken
as a whole, the respective agreements signed by the Company's principal creditor
groups establish a framework for the Company's anticipated Chapter 11 plan.
However, the outcome of this process cannot be predicted with certainty.
"Williams Communications has a strong customer base and a sound operation. We
believe that with a strengthened balance sheet, Williams Communications will be
better positioned to succeed over the long-term," Janzen added.
About Williams Communications Group, Inc.
Based in Tulsa, Okla., Williams Communications Group, Inc., through its
operating subsidiary Williams Communications, LLC, is a leading broadband
network services provider focused on the needs of bandwidth-centric customers.
Williams Communications operates the largest, most efficient, next-generation
network in North America. Connecting 125 U.S. cities and reaching five
continents, Williams Communications provides customers with unparalleled
local-to-global connectivity. By leveraging its infrastructure, best-in-breed
technology, connectivity and network and broadband media expertise, Williams
Communications supports the bandwidth demands of leading communications
companies around the globe. For more information, visit
www.williamscommunications.com .
All trademarks are the property of their respective owners.
Contact: Deborah Trevino Lindsay Hurley
Williams Communications Williams Communications
(media) (investors)
(918) 547-4764 (918) 547-3773
deborah.trevino@wcg.com lindsay.hurley@wcg.com
SOURCE Williams Communications Group, Inc.
CONTACT: media, Deborah Trevino, +1-918-547-4764,
or deborah.trevino@wcg.com , or investors, Lindsay Hurley, +1-918-547-3773,
or lindsay.hurley@wcg.com , both of Williams Communications Group, Inc.
Williams Communications Signs Voice Services Agreement With Z-Tel to Provide Long Distance Traffic
TULSA, Okla., Apr 10, 2002 /PRNewswire-FirstCall via COMTEX/ -- Williams Communications (OTC Bulletin Board: WCGR), a leading provider of broadband services to bandwidth-centric customers, today announced it has signed an agreement with Z-Tel Communications, Inc., a wholly owned subsidiary of Z-Tel Technologies, Inc. (Nasdaq: ZTEL, quote, news, chart).
Under the terms of the agreement, Williams Communications will be the primary interexchange carrier for Z-Tel's long distance voice traffic requirements. Williams Communications will carry the majority of Z-Tel's long distance residential voice traffic over its nationwide fiber-optic network. The deal is estimated to be worth up to $60 million over three years.
"Network outsourcing is a smart business strategy for companies like Z-Tel who are looking to lower costs and stay focused on their core business," said Frank Semple, chief operating officer, Williams Communications. "By utilizing Williams Communications' advanced, next-generation fiber-optic network, Z-Tel can focus on delivering services to its customers efficiently and cost-effectively."
Gregg Smith, president and chief executive officer for Z-Tel said, "Z-Tel went through a comprehensive process to identify a new primary carrier. Williams Communications was uniquely positioned to meet our current and future voice requirements at a cost savings to Z-Tel. Z-Tel and Williams Communications will partner to create a competitive advantage within the marketplace for both organizations."
About Williams Communications Group, Inc.
Based in Tulsa, Okla., Williams Communications is a leading broadband network services provider focused on the needs of bandwidth-centric customers. Williams Communications operates the largest, most efficient, next-generation network in North America. Connecting 125 U.S. cities and reaching five continents, Williams Communications provides customers with unparalleled local-to-global connectivity. By leveraging its infrastructure, best-in-breed technology, connectivity and network and broadband media expertise, Williams Communications supports the bandwidth demands of leading communications companies around the globe. For more information, visit www.williamscommunications.com .
About Z-Tel
Z-Tel was founded in the wake of the Telecommunications Act of 1996. With the establishment of the Unbundled Network Element-Platform (UNE-P), competitive telecommunications companies became able to provide telephone service to end-users over the incumbent local telephone providers' network. Z-Tel was formed around UNE-P with the vision of developing technology that would imbue the home phone with "Intelligent Dial Tone," wherein home phone service can be personalized to meet consumers' diverse communications needs in an intelligent, intuitive way.
Z-Tel's flagship service, Z-LineHOME(TM), bundles local and long distance phone service with unlimited Member-to-Member(TM) long distance calling and Web-enhanced communications features, such as Find Me, a multiple-number call forwarding feature. Z-Tel currently offers Z-LineHOME service in 38 states, representing nearly 70% of the nation's total residential phone market. For more information about Z-Tel's innovative services or about Z-Tel, please visit the Company's Web site at www.ztel.com .
All trademarks are the property of their respective owners. Contact: Wendy Lea Williams Communications (media) (918) 547-7602 Wendy.lea@wcg.com Lindsay Hurley Williams Communications (investors) (918) 547-3773 lindsay.hurley@wcg.com Sarah Bialk Z-Tel Communications, Inc. (813) 233-4586 sbialk@z-tel.com
SOURCE Williams Communications Group, Inc.; Z-Tel Communications, Inc.
CONTACT: media, Wendy Lea, +1-918-547-7602, or Wendy.lea@wcg.com , or investors, Lindsay Hurley, +1-918-547-3773, or lindsay.hurley@wcg.com , both of Williams Communications Group, Inc.; or Sarah Bialk of Z-Tel Communications, Inc., +1-813-233-4586, or sbialk@z-tel.com /Company News On-Call: http://www.prnewswire.com/comp/875550.html
More NEws - 09 April:
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Williams Meets Final Major Obligation to Former Telecommunications Unit
TULSA, Okla., Mar 29, 2002 /PRNewswire-FirstCall via COMTEX/ -- Williams (NYSE: WMB, quote, news, chart) today announced it has paid $753 million related to Williams Communications Group, Inc.'s (OTC Bulletin Board: WCGR) purchase of certain telecommunications facilities that WCGR had been leasing. In return, Williams will receive an instrument of unsecured debt from WCG in the same amount.
Williams announced on March 11 that it was prepared to perform on the obligation, which is the company's last major contingent liability related to WCGR. The financial impact was reported on March 7 in Williams' 2001 earnings report.
About Williams
Williams, through its subsidiaries, connects businesses to energy, delivering innovative, reliable products and services. Williams information is available at www.williams.com .
SOURCE Williams
CONTACT: media, Jim Gipson, +1-918-573-2111, or jim.gipson@williams.com , or investors, Rick Rodekohr, +1-918-573-2087, or rick.rodekohr@williams.com , or Richard George, +1-918-573-3679, or richard.george@williams.com , all of Williams URL: http://www.williams.com
.
Williams Communications Signs Agreement to Carry HDNet Programming
HDNet Adds to List of Global Media and Entertainment Companies
Utilizing Williams Communications' Network
TULSA, Okla., Mar 27, 2002 /PRNewswire-FirstCall via COMTEX/ -- Williams Communications (OTC Bulletin Board: WCGR), a leading provider of broadband services to bandwidth-centric customers, today announced it has signed a multi-year deal to transmit HDNet's programming over its fiber-optic network from the HDNet Broadcast Center in Denver to DIRECTV's broadcast center in Los Angeles. HDNet, co-founded by Dallas Mavericks owner Mark Cuban and Philip Garvin of Colorado Studios, is the world's only national television network broadcasting all high-definition content. Broadcast on DIRECTV channel 199, HDNet programming includes a wide variety of live and taped shows including sporting events, concerts, documentaries, music videos, movies and special events.
"As new and innovative services, such as HDNet, continue to proliferate in the broadcast and media space, the need for a service provider that has a unique understanding and experience with the 'mission-critical' nature of this kind of content is clear," said Matthew Bross, senior vice president and general manager of Emerging Markets for Williams Communications. "Our network has been carrying media content for global media and entertainment companies, studios, post-production and special effects houses for 12 years giving us unrivaled experience and expertise."
The combination of Williams Communications' network services with its Internet and media services, which include integrated transmission services, digital media management, content gathering and distribution, managed web hosting and streaming, gives the company a comprehensive set of services that is unique in the industry.
"As the industry leader in broadcasting high definition programming, HDNet needs a reliable high-bandwidth network to transmit our programming to DIRECTV," said HDNet co-founder Mark Cuban. "Williams Communications has the experience we need to ensure that HDTV customers with DIRECTV are able to enjoy HDNet's sports and entertainment programming all day, every day."
Williams Communications was the first company to transmit a live broadcast over a fiber-optic network in 1990 and currently provides broadcast transmission services for 80 percent of all live professional sports events, including the Super Bowl, World Series, NBA and NHL Championships; and 65 percent of all live news special events, including the Academy Awards, Golden Globe Awards and Emmys. Williams Communications provides more than 252,000 video feeds for its customers annually and also delivers more than 2.75 million spot advertisements to radio and television stations each year.
About Williams Communications Group, Inc.
Based in Tulsa, Okla., Williams Communications Group, Inc., is a leading broadband network services provider focused on the needs of bandwidth-centric customers. Williams Communications operates the largest, most efficient, next-generation network in North America. Connecting 125 U.S. cities and reaching five continents, Williams Communications provides customers with unparalleled local-to-global connectivity. By leveraging its infrastructure, best-in-breed technology, connectivity and network and broadband media expertise, Williams Communications supports the bandwidth demands of leading communications companies around the globe. For more information, visit www.williamscommunications.com .
Contact: Jeff Pounds Williams Communications (media) (918) 547-8920 jeff.pounds@wcg.com Lindsay Hurley Williams Communications (investors) (918) 547-3773 lindsay.hurley@wcg.com
SOURCE Williams Communications Group, Inc.
CONTACT: media, Jeff Pounds, +1-918-547-8920, or jeff.pounds@wcg.com , or investors, Lindsay Hurley, +1-918-547-3773, or lindsay.hurley@wcg.com , both of Williams Communications Group, Inc.
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Trendium Announces Williams Communications Group Implementing Trendium Service Intelligence Solution
FORT LAUDERDALE, Fla., Mar 25, 2002 (BUSINESS WIRE) -- Trendium, Inc., the leading provider of service intelligence software, announced Williams Communications Group as a strategic customer. Williams Communications Group, which operates the largest next-generation fiber optic network in North America, connecting 125 U.S. cities and reaching five continents, is implementing Trendium's ServicePATH product.
Trendium's ServicePATH software helps service providers evolve network and customer operations toward a Service Operations Center (SOC), integrating front and back office applications. A SOC synthesizes service and customer information from disparate data sources, enabling service providers to better meet customer expectations, optimize infrastructure utilization, reduce operational costs and offer value-added services that generate substantial new revenues.
"Williams Communications continues to deliver the latest tools and applications to support its customers, and we are pleased to be working with Trendium to implement this next-generation solution," said Mark Bender, senior vice president and chief information officer for Williams Communications. "We are building on our current capabilities to provide customers with 24/7 access to service performance information. This solution furthers our objective of deploying best-in-breed technology and network applications to support the bandwidth-intensive demands of our customers."
"Trendium is redefining performance management by creating the service intelligence market," said Dr. Hanafy Meleis, president and CEO of Trendium. "Service intelligence includes real-time service management, SLA management (SLAM), performance management, policy-based management, and automated service restoration. This solution creates strategic differentiation for our enterprise and service provider customers."
"Service providers are demanding a new type of blended fault and service management solution," said Patrick Kelly, senior analyst for RHK. "The emphasis has shifted from managing the network to managing the subscriber service. Past solutions focused on only one area, such as fault or performance management. The Fault-Service Management combination is the next logical evolution in the industry, which we estimate will grow from a $980 million market in 2001 to a $1.7 Billion market in 2004."
About Trendium
Winner of the "Best New OSS Product - 2002" and "InfoVision 2001" awards, Trendium, Inc. is a software company that provides service intelligence solutions and performance management software for communications service providers and enterprises. Trendium's ServicePATH(TM) software enables service providers to optimize service performance, manage services and SLAs and assure service quality in real time over virtually any infrastructure--networks, operations systems, applications and business processes. With service intelligence, service providers can create new revenue streams, identify unused service capacity and rapidly prototype and deliver high-margin assured-quality services. Trendium's PerforMAX(TM) software enables enterprise service providers to monitor, manage and accurately report on infrastructure performance in real-time. For more information, visit http://www.trendium.com
ServicePATH and PerforMAX are trademarks of Trendium, Inc. All other trademarks and registered trademarks in this document are the properties of their respective owners.
CONTACT: Trendium, Inc., Fort Lauderdale Deepak Swamy, 954/835-9506 dswamy@trendium.com or Jennifer Burford, 954/835-9579
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Fitch Ratings Upgrades WCG Note Trust To 'BBB'; Outlook Negative
NEW YORK, Mar 22, 2002 (BUSINESS WIRE) -- WCG Note Trust/WCG Note Trust Corp., Inc.'s $1.4 billion 8.25% senior notes due 2004 are upgraded to 'BBB' from 'BBB-' by Fitch Ratings. The Rating Outlook is Negative.
The rating action reflects the revised terms of the WCG Note Trust structure under which The Williams Companies, Inc. (WMB; 'BBB' senior unsecured debt rating, Negative Rating Outlook) has definitively agreed to make timely interest and principal payments on the underlying trust notes. Fitch has confirmed that this payment obligation ranks on a pari passu basis with WMB's outstanding 'BBB' rated senior unsecured debt obligations. Prior to the amendment, primary repayment sources for the trust notes included either payment or sale of a $1.5 billion senior note of Williams Communications Group ('CC' senior unsecured debt rating, Rating Watch Negative) held by the trust and/or the remarketing of WMB's mandatorily convertible preferred stock.
CONTACT: Fitch Ratings Hugh Welton, 212/908-0746 (New York) Ralph Pellecchia, 212/908-0586 (New York) Media Relations: James Jockle, 212/908-0547
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Williams Communications to Deliver Academy Awards(R) Broadcast to Domestic, World Audience
Fiber-Optic Transmission Allows Millions of Viewers to Enjoy Hollywood's Biggest Night
TULSA, Okla., Mar 21, 2002 /PRNewswire-FirstCall via COMTEX/ -- For the 12th consecutive year, Williams Communications (OTC Bulletin Board: WCGR) will deliver the broadcast of the Academy Awards over its award-winning fiber-optic network for broadcasters, so millions of viewers worldwide can enjoy Hollywood's biggest night. On March 24, ABC will broadcast the 74th Annual Academy Awards Presentation live to domestic and international viewers from the Kodak Theatre at Hollywood and Highland(R) in Los Angeles. Williams Communications will transmit the broadcast over its fiber-optic network from the Kodak Theatre in Los Angeles to ABC's network center in New York for final delivery to its affiliates.
"The Academy Awards broadcast is just one example of how global media and entertainment companies depend on Williams Communications to deliver their mission-critical content on a regular basis," said Michael Schlesier, vice president of media and entertainment for Williams Communications. "In addition to our broadcast services, Williams Communications will continue to enhance and add services such as streaming and digital media management as media and entertainment companies continue to expand their use of streaming and other interactive services for their audiences."
In addition to the primary domestic feeds, Williams Communications will also make it possible for millions of international viewers to enjoy this year's Oscars(R). The broadcast will be transmitted to Williams Communications' international customers for delivery to viewers via the company's fiber-optic network, as well as a satellite uplink at Williams Communications' Los Angeles teleport.
Williams Communications has provided global media and entertainment companies with broadcast transmission services over its fiber-optic network for 12 years. The company currently delivers 80 percent of all live professional sporting event broadcasts and 65 percent of all live news special event broadcasts over its fiber-optic network.
About Williams Communications Group, Inc.
Based in Tulsa, Okla., Williams Communications Group, Inc. is a leading broadband network services provider focused on the needs of bandwidth-centric customers. Williams Communications operates the largest, most efficient, next-generation network in North America. Connecting 125 U.S. cities and reaching five continents, Williams Communications provides customers with unparalleled local-to-global connectivity. By leveraging its infrastructure, best-in-breed technology, connectivity and network and broadband media expertise, Williams Communications supports the bandwidth demands of leading communications companies around the globe. For more information, visit www.williamscommunications.com .
"Academy Awards" and "Oscars" are registered trademarks of the Academy of Motion Picture Arts & Sciences.
Contact: Jeff Pounds Lindsay Hurley Williams Communications Williams Communications (media) (investors) (918) 547-8920 (918) 547-3773 jeff.pounds@wcg.com lindsay.hurley@wcg.com
SOURCE Williams Communications Group, Inc.
CONTACT: media, Jeff Pounds, +1-918-547-8920, or jeff.pounds@wcg.com , or investors, Lindsay Hurley, +1-918-547-3773, or lindsay.hurley@wcg.com , both of Williams Communications Group, Inc.
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From the Golden Lists:
Good Morning, Added high risk stock WCGR to The List on yesterday's news,
WCGR WILLIAMS COMM GRP.
Last: 0.21 04:06:37 PM 3/12/2002 Change: +0.06
High: 0.22 Low: 0.15 Previous Close: 0.15 Volume: 15,312,500
%Change: +40.00 Best Bid: 0.205 Bid Size: 5000
Best Ask: 0.21 Ask Size: 5000
Williams Communications Group Inc. , which is weighing bankruptcy, on Monday said its former corporate parent would provide the $750 million needed to buy back certain fiber-optic assets used in its operations.In return, the former parent, energy giant Williams Cos. , will receive unsecured debt or equity in Williams Comms worth up to $750 million.
Williams Comms, which provides high-speed network services to telecom carriers and large corporations, said the purchase was part of its restructuring plan. Network operators like Williams are struggling under massive debt, slack demand for high-speed capacity and declining rates for transmission services.
Deborah Trevino, a Williams Comms spokeswoman, declined to give details of the restructuring plan, reiterating that it would be disclosed at the end of March.
http://story.news.yahoo.com/news?tmpl=story&u=/nm/20020311/bs_nm/telecoms_williams_dc_2
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Williams Communications Exercises Asset Defeasance Purchase Option
TULSA, Okla., --(OTCBB NEWS NETWORK)--March 11, 2002. Williams Communications (WCGR: .19) announced an important step to preserve its flexibility to achieve a previously announced comprehensive balance sheet restructuring. Williams Communications' operating company subsidiary, Williams Communications, LLC, exercised its right to acquire ownership of certain network assets used in its operations under a $750 million asset defeasance program (ADP).
The Williams Companies, Inc. (NYSE: WMB) is obligated to pay the purchase price for the ADP network assets of approximately $750 million, in accordance with a previously-announced agreement Williams made in September 1999. Upon making that payment, Williams will be entitled to receive an unsecured term note of Williams Communications for approximately $750 million. Upon Williams' payment of the purchase price, the ADP lessor will be obligated to transfer ownership of the network assets to Williams Communications' operating subsidiary and to terminate the ADP arrangement. The purchase is scheduled to close on March 29, 2002.
"This potential development was factored into the earnings, balance sheet and liquidity numbers that have been reported in filings and were presented to investors during the past week," said Steve Malcolm, president and chief executive officer. "In the event we need to perform on this obligation, we have developed more than sufficient financial capacity to do so."
The proposed restructuring is intended to support uninterrupted business service and, at the same time, minimize any impact to customer and vendor relationships. As previously announced, discussions with the company's banks and others have been expanded to include multiple restructuring options, including the use of a negotiated Chapter 11 reorganization as a restructuring mechanism. The company may decide to pursue that alternative to allow for a more orderly process that maximizes enterprise value.
A year after the company's stock closed at $12.90 on the NYSE, Williams Communications finds itself on the brink of a potential bankruptcy filing, undergoing massive layoffs and now on the OTCBB.
WCGR as of 10:39 EST is plus .04 cents (+26.7%) on volume of 3,716,900 shares.
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WCGR -- Williams Communications Group, Inc. http://www.pinksheets.com/quote/news.jsp?symbol=WCGR
WILLIAMS COMMUNICATIONS GROUP INC files Form 8-K, Current Report
Mar 1 2002 1:10PM ET http://www.pinksheets.com/quote/news.jsp?url=fis_story.asp%3Ftextpath%3D%5C2002%5C03%5C01%5CEDGARNew....
WILLIAMS COMMUNICATIONS GROUP INC files Form 8-K/A, Amendment to Current Report
Feb 20 2002 8:06AM ET http://www.pinksheets.com/quote/news.jsp?url=fis_story.asp%3Ftextpath%3D%5C2002%5C02%5C20%5CEDGARNew....
WILLIAMS COMMUNICATIONS GROUP INC files Form 8-K, Current Report
Feb 7 2002 11:44AM ET http://www.pinksheets.com/quote/news.jsp?url=fis_story.asp%3Ftextpath%3D%5C2002%5C02%5C07%5CEDGARNew....
WILLIAMS COMMUNICATIONS GROUP INC files Prospectus Pursuant to Rule 424
Jan 10 2002 5:23PM ET http://www.pinksheets.com/quote/news.jsp?url=fis_story.asp%3Ftextpath%3D%5C2002%5C01%5C10%5CEDGARNew....
WILLIAMS COMMUNICATIONS GROUP INC files Form 8-K, Current Report
Jan 10 2002 5:23PM ET http://www.pinksheets.com/quote/news.jsp?url=fis_story.asp%3Ftextpath%3D%5C2002%5C01%5C10%5CEDGARNew....
WILLIAMS COMMUNICATIONS GROUP INC files Form 8-K, Current Report
Dec 13 2001 3:14PM ET http://www.pinksheets.com/quote/news.jsp?url=fis_story.asp%3Ftextpath%3D%5C2001%5C12%5C13%5CEDGARNew....
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