NEW YORK -- Earlier today Genuity Inc. filed for Chapter 11 bankruptcy protection. Immediately prior to the filing, Level 3 Communications Inc. agreed to purchase, subject to regulatory and bankruptcy court approval, certain of Genuity's assets and operations, including certain of Genuity's commercial contracts with Verizon. The following response should be attributed to Lawrence T. Babbio Jr., Verizon vice chairman and president.
"As a significant creditor and customer of Genuity, we fully support this transaction. We are delighted that we've been able to resolve many complex issues in a way that benefits both the customers of Verizon and Genuity, and Genuity's creditors.
"We are also pleased that Verizon's willingness to continue existing commercial arrangements with Level 3 enabled Genuity to agree to this transaction.
"We look forward to using the services of an existing network provider like Level 3 to supplement and extend our product offerings to our customers."