KPNQwest saved at the eleventh hour

For the time being at least...

Bankrupt data network company KPNQwest last night raised enough money from outstanding customer bills to keep operations alive until 1 July. The company must maintain its European fibre-optic networks or risk losing the entire value of its assets. It filed for bankruptcy two weeks ago and last week made an appeal to customers to pay-up on outstanding bills for May and June. KPNQwest largely has co-founder KPN to thank for its stay of execution. The Dutch telecoms company has offered to pay E8m - twice its original offer - to keep it up and running, according to a source quoted in the Financial Times.