United Pan-Europe's creditor appeal without merit, Dutch Attorney General says

By Carlise Newman

Chicago, July 15 - United Pan-Europe Communications NV said that on July 11 the Dutch Attorney General told the Supreme Court that all of the grounds for the appeal by InterComm Holdings LLC against ratification of the company's debt restructuring Akkoord are without merit and that the appeal should be dismissed.

The Supreme Court, which is independent of the Dutch Attorney General, usually takes into account the conclusion of the Dutch Attorney General and in most cases, comes out with the same result as the Dutch Attorney General. It is expected that the Supreme Court will deal with the matter expediently, United Pan-Europe said.

Following the confirmation of the Akkoord, the Dutch version of a reorganization plan, by the Dutch Court of Appeals that was part of the recapitalization process of United Pan-Europe, InterComm, a creditor in the Dutch moratorium proceeding with a €1.00 claim and one vote, has appealed the ratification of the Akkoord to the Dutch Supreme Court.

The Supreme Court will be the final point of appeal for InterComm in relation to the ratification of the Akkoord by the district court in Amsterdam on March 13.

United Pan-Europe said it believes the appeal is without merit. As previously announced, the U.S. Court and the Dutch Court of Appeals have already overruled objections brought by InterComm.

The Amsterdam-based broadband communications company said it will provide more information on the timing of completion of the restructuring as soon as it is available.

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