GT Group telecom reviewing top 2 bids

GT Group telecom reviewing top 2 bids

Byline: Chris Nolter

Insolvent Canadian service provider GT Group Telecom Inc. announced Monday, Nov. 4, that it has received a number of buyout offers and is reviewing the two best bids.

The leading bidders, who were not identified, have until the morning of Tuesday, Nov. 5, to clarify elements of their offers. GT previously said that it was in talks with eight potential suitors.

The Toronto-based local exchange carrier has a nationwide fiber-optic network and serves businesses clients in 17 Canadian cities. It filed for bankruptcy protection in Canada in June, with C$1.6 billion ($1 billion) in debt.

The Ontario Superior Court of Justice extended the company’s protection from creditors until Nov. 8 to give it time to evaluate the bids. PricewaterhouseCoopers is advising GT in its restructuring.

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