United Pan-Europe to emerge from restructuring; court rejects Intercomm appeal

By Carlise Newman

Chicago, Aug. 26 - United Pan-Europe Communications NV said the Dutch Supreme Court rejected the appeal by Intercomm Holdings LLC and United Pan-Europe is now out of the suspension of payments or moratorium procedure in the Netherlands and will emerge from restructuring.

InterComm Holdings is a creditor in the Dutch moratorium proceeding with a €1.00 claim and one vote, which appealed the Dutch Court's ratification of United Pan-Europe's Akkoord.

The newly formed financial holding company UGC Europe Inc. will be listed on the Nasdaq National Market on Sept. 3. Former bondholders in United Pan-Europe and holders of United Pan-Europe's American depositary receipts, ticker symbol UPCOY, will be able to trade their UGC Europe shares as of Sept. 3 as well.

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