Nov. 3, 2003 -- US LEC has made a $6.8 million offer to purchase most of the assets of bankrupt ISP and hosting company FASTNET Corp., the companies said today.
The sale agreement requires the approval of the US Bankruptcy Court for the Eastern District of Pennsylvania. FASTNET says it hopes to complete the deal by December. FASTNET, which is based in Bethlehem, Pa., filed for Chapter 11 protection in June.
The agreement covers "substantially all" of FASTNET's assets, including its broadband and dial-up Internet access, colocation, and managed hosting businesses. Not included are FASTNET's web development and wireless access businesses.
"This agreement marks a major step forward in setting the stage for the conclusion of FASTNET's bankruptcy process and provides the assurance of continuity of service to our customers," said R. Barry Borden, CEO of FASTNET. "We are excited that we have been able to maintain our original stated goal of resolving these issues within a six-month period.
"We are particularly pleased that we have fulfilled our commitment to our customers to bring top quality companies such as US LEC into the process to maintain the high degree of customer service and satisfaction that our loyal FASTNET customers have come to expect, Borden added.
US LEC is a regional telecom carrier providing voice, data and Internet services throughout 14 Southeast and Mid-Atlantic states. With more than 900 employees, US LEC serves over 75 markets and more than 14,000 medium and large-sized business customers.