BCE Teleglobe bondholders form ad hoc committee

New York, April 16 - Holders of bonds issued by BCE Teleglobe said they have formed an ad hoc committee to ensure that their interests are protected.

Announcing the move, the holders said they decided to act after a recent "troubling" press release by BCE Inc. and the "severe" rating agency downgrades of BCE Teleglobe's $1.2 billion of notes.

The committee includes institutional investors in the U.S. and Canada owning both U.S. and Canadian dollar securities.

The holders have hired Boston law firm Bingham Dana LLP as their counsel.

In a statement, the bondholders said they have "long viewed BCE Inc. and BCE Teleglobe as parts of the same integrated organization and have consistently relied on BCE Inc.'s numerous public statements as to its ongoing intention to fully support BCE Teleglobe."

If BCE considers other courses of action, the bondholders committee said they will review their alternatives to ensure are "properly preserved and protected."

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