ATN Aterian Plc

RNS Number:2014L
Atlantic Telecom Group PLC
5 October 2001


FOR IMMEDIATE RELEASE

5 October 2001





           ATLANTIC TELECOM GROUP PLC ("ATLANTIC" OR THE "COMPANY")



The Board of Atlantic announced on 7 September 2001, that it was engaged in
discussions with an informal committee of the holders of its Euro 200 million
and #75 million senior notes ("Notes") on the terms of a possible
restructuring of the Notes. The Board also announced that it had commenced
discussions with sources of new capital for Atlantic and its subsidiaries
("Group") on a standalone basis and with potential purchasers of the key
operating assets of the Group.

The Board of Atlantic regrets to announce that, having pursued detailed
discussions with an informal committee of Noteholders, as well as with
potential sources of finance and possible purchasers of the Group's assets, it
has not been possible to agree satisfactory terms for a refinancing and
restructuring of the Group.

In the absence of such a restructuring and of a solution to Atlantic's
requirement for additional liquidity, the Board of Atlantic has requested
today that the London Stock Exchange suspend trading in the ordinary shares of
the Company and proposes to make an application to the Court of Session in
Edinburgh today to appoint administrators to the Company and to the High Court
in London to appoint administrators to Atlantic Telecommunications Limited,
its principal UK trading subsidiary.

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