On 31 October 2003 the US Bankruptcy Court Judge Arthur J Gonzalez approved UUNET SA`s parent company MCI`s Plan of Reorganisation. This approval places the company is a very strong position to emerge from Chapter 11, to ensure its vision of transparency is realised.
MCI CEO Michael Capellas said: "This was a great day for MCI. Against all odds, we have reached our confirmation faster than anyone expected. Today`s ruling is a real tribute to our 55 000-hardworking employees and our loyal customer base of 20 million strong."
MCI has spent the past 10 months building a world-class board of directors, recruiting seven new key executives, including a CFO, a COO, a general counsel and a chief ethics officer, and instituting a standard-setting corporate governance structure.
"We have achieved all of this while remaining focused on serving our customers each and every day," Capellas continues. "We know we still have more work to do, but starting now, you will see us drive even harder with more focus and determination to win in the marketplace."
Dave Meintjes, CEO of UUNET SA, says: "This is excellent news for UUNET SA as a subsidiary to MCI. Our shareholders will be in a much better position to focus on the business at hand and rebuild customer and investor confidence."
This decision confirms the commitment that MCI has shown over the last 16 months to reorganise the company into the most respected global communications provider. "UUNET SA is proud to be associated with an organisation that has shown as much passion, innovation and dedication to service and operational excellence as we have within the local market," says Meintjes.
"At UUNET SA transparency has always been instrumental in our business practices and therefore I applaud these processes and view these decisions by MCI as imperative to our ongoing success as a business," continues Meintjes.
Through MCI`s renewed commitment to African development, 2004 will enable UUNET to further invest into infrastructure development within all five of the African countries in which it operates. "This commitment will enable us to drive innovative solutions into each respective country, placing UUNET at the forefront of making Africa globally competitive," says Meintjes.
"As MCI take the final steps necessary regarding the Chapter 11 process, I have every confidence that the company will, through its dedication, determination and transparency, emerge as the most well respected and committed service provider worldwide," concludes Meintjes.
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UUNET SA, an MCI company, is southern Africa`s only pan-African provider of Internet-based network solutions and is the largest global carrier of Internet traffic. The company provides Internet connectivity and corporate network solutions to major corporations as well as access services to Internet service providers.
All UUNET SA products and solutions are delivered within the required regulatory conditions.
For more information, please visit the UUNET SA Web site at www.uunet.co.za.
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