FLAG Telecom completed the redemption of outstanding notes at a discounted rate, enabling the company to reduce its total outstanding debt by 55% to approximately $35 million.
http://www.flagtelecom.com
- In May 2003, FLAG Telecom announced plans to enhance the reach of its European network through an agreement with Verizon Global Solutions. This agreement is a key element in FLAG’s global network plan. FLAG said it would also open new POPs in Amsterdam and Frankfurt to provide seamless connectivity to its submarine cable systems: FLAG Atlantic-1 (FA-1), FLAG Europe Asia (FEA) and FLAG North Asia Loop (FNAL).
- In March 2003, FLAG Telecom announced a capacity expansion to key segments of its cable system from Western Europe to Japan through the Middle East, India, Southeast Asia and China. This upgrade will double the system’s capacity on key segments from the U.K. to the Middle East (from 10 Gbps to 20 Gbps).
- In February 2003, FLAG Telecom named Patrick Gallagher as its new CEO, replacing Mark Spagnolo who retains his position on the company’s board of directors. Gallagher previously served with British Telecom, including five years as the Chief Executive of BT Europe and, most recently, as the Group Director for Strategy and Development also with responsibility for Japan, China, and investments in France, Italy, Singapore, Hong Kong, Malaysia and Korea.
- In October 2002, FLAG emerged from Chapter 11 with its network in tact and a significantly lower level of debt. Verizon originally was one of the principal shareholders in FLAG Telecom.