A bankruptcy court approved Level 3 Communications’ planned acquisition of Genuity. The deal is expected to close in February. In addition, Genuity announced plans to reduce its employee headcount by 700 to 800 from its current 2,300-person work force.
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- In November, Level 3 Communications agreed to acquire substantially all of Genuity’s assets and operations for $242 million. The acquisition requires Genuity to file for Chapter 11 protection and then to gain the approval of the bankruptcy court. Other qualified bidders could have submitted better offers for the assets during the court process.