ASC settles with Qwest, delays liquidation
Advanced Switching Communications finally reached a settlement with customer Qwest Communications, agreeing to pay the company $3.5 million to resolve all disputes relating to an equipment purchase contract the two companies entered into in October 2000.
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This comes about seven months after Qwest first demanded a refund, claiming the equipment it bought from ASC did not meet contract specifications. As a result of this settlement, ASC has delayed filing a certificate of dissolution pursuant with its planned liquidation.
After ASC's board of directors adopted a plan of complete liquidation and dissolution in February, stockholders authorized and approved its plan in April. The company was expected to complete the process by May 10, but will not do so for another couple of weeks.
--Kelly Carroll, Staff Writer
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© 2012 Penton Media Inc.
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