BRUSSELS Nov 19 Dutch telecoms group KPN
said on Tuesday that it had reached a tentative
agreement to pay 50 million euros ($67.6 million) to settle
litigation related to the bankruptcy of its former joint venture
KPNQwest, a wholesale fibre-optic telecoms venture between
U.S. phone carrier Qwest, since acquired by CenturyLink,
and KPN for corporate customers, was listed in 1999 but went
bankrupt in 2002 after the telecoms and technology bubble burst.
The trustees accused KPNQwest of mismanagement and held its
shareholders liable for damages. It had been seeking 2.2 billion
KPN said in a statement on Tuesday that it, CenturyLink and
the trustees had reached a tentative agreement for a potential
total settlement of 260 million euros, towards which KPN would
contribute 50 million euros.
The tentative agreement is subject to several conditions,
including the approval of the Dutch bankruptcy court.
Assuming a definitive settlement is agreed, litigation will
end and KPN will waive certain claims against the bankruptcy