Xpedior Announces Voluntary Bankruptcy Filing

Apr 20, 2001, 01:00 ET from Xpedior Incorporated

    CHICAGO, April 20 /PRNewswire Interactive News Release/ -- Xpedior
 Incorporated today announced that the Company and its U.S. subsidiaries have
 filed voluntary petitions for relief pursuant to the provisions of Chapter 11
 of the Bankruptcy Code with the U.S. Bankruptcy Court in Chicago.  The Chapter
 11 filing is consistent with the Company's prior announcements that it
 intended to dispose of its assets in an orderly manner and apply the proceeds
 to the payment of the Company's obligations in accordance with applicable law,
 and that a bankruptcy proceeding may be appropriate to achieve this objective.
 The Company's filing provides for distribution of any cash proceeds received
 by the Company to creditors and, if creditors have been fully paid, to holders
 of the Company's preferred stock and then holders of its common stock.
 However, at this time the Company believes that it is highly unlikely that any
 proceeds will remain for distribution to holders of the Company's preferred
 stock or common stock.  The Company intends to work closely with creditors to
 recover on all available assets and to maximize their value.  The Company's
 foreign subsidiaries were not included as part of the Chapter 11 filing.
     On March 26, Xpedior announced that it had filed a Form 15 with the
 Securities and Exchange Commission suspending for ninety days its obligation
 to file periodic reports under the Securities Exchange Act of 1934.  Under the
 rules and regulations of the Securities and Exchange Commission, Xpedior's
 obligation to file such periodic reports will terminate upon the expiration of
 such ninety-day period.  Xpedior also announced that, in conjunction with its
 Form 15 filing with the SEC, it had filed a written request to the Nasdaq
 National Market to voluntarily delist its shares from trading.  The Company
 stated that such request has been accepted by Nasdaq, and that Xpedior's
 voluntary delisting became effective on March 26.  Xpedior also stated that,
 as a result of its Form 15 filing with the SEC, the Company would not apply
 for listing on any other exchange, including the Nasdaq small cap market or
 OTC market.
 
     Safe Harbor Statement
     This press release contains forward-looking statements within the meaning
 of the safe harbor provisions of the Private Securities Litigation Reform Act
 of 1995.  Such forward-looking statements are based upon management's current
 expectations and beliefs and are subject to a number of known and unknown
 risks, uncertainties and other factors that could cause actual results to
 differ materially from those described in the preceding forward-looking
 statements.  These risks, uncertainties and other factors include, but are not
 limited to, Xpedior's ability to complete the orderly liquidation of its
 business units and core assets and pay its creditors, pursuant to its Chapter
 11 plan.  In addition, you are encouraged to review the company's latest
 reports filed with the SEC, including Xpedior's Annual Report on Form 10-K for
 the year ended December 31, 1999, and Xpedior's Quarterly Report on Form 10-Q
 for the quarters ended March 31, 2000, June 30, 2000, and September 30, 2000,
 which describe a number of additional risks and uncertainties that could cause
 actual results to vary materially from those expected in the forward-looking
 statements made in this press release.  Xpedior undertakes no obligation to
 update or revise any forward-looking statements, whether as a result of new
 information, future events or changed circumstances or for any other reason.
 
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SOURCE Xpedior Incorporated
    CHICAGO, April 20 /PRNewswire Interactive News Release/ -- Xpedior
 Incorporated today announced that the Company and its U.S. subsidiaries have
 filed voluntary petitions for relief pursuant to the provisions of Chapter 11
 of the Bankruptcy Code with the U.S. Bankruptcy Court in Chicago.  The Chapter
 11 filing is consistent with the Company's prior announcements that it
 intended to dispose of its assets in an orderly manner and apply the proceeds
 to the payment of the Company's obligations in accordance with applicable law,
 and that a bankruptcy proceeding may be appropriate to achieve this objective.
 The Company's filing provides for distribution of any cash proceeds received
 by the Company to creditors and, if creditors have been fully paid, to holders
 of the Company's preferred stock and then holders of its common stock.
 However, at this time the Company believes that it is highly unlikely that any
 proceeds will remain for distribution to holders of the Company's preferred
 stock or common stock.  The Company intends to work closely with creditors to
 recover on all available assets and to maximize their value.  The Company's
 foreign subsidiaries were not included as part of the Chapter 11 filing.
     On March 26, Xpedior announced that it had filed a Form 15 with the
 Securities and Exchange Commission suspending for ninety days its obligation
 to file periodic reports under the Securities Exchange Act of 1934.  Under the
 rules and regulations of the Securities and Exchange Commission, Xpedior's
 obligation to file such periodic reports will terminate upon the expiration of
 such ninety-day period.  Xpedior also announced that, in conjunction with its
 Form 15 filing with the SEC, it had filed a written request to the Nasdaq
 National Market to voluntarily delist its shares from trading.  The Company
 stated that such request has been accepted by Nasdaq, and that Xpedior's
 voluntary delisting became effective on March 26.  Xpedior also stated that,
 as a result of its Form 15 filing with the SEC, the Company would not apply
 for listing on any other exchange, including the Nasdaq small cap market or
 OTC market.
 
     Safe Harbor Statement
     This press release contains forward-looking statements within the meaning
 of the safe harbor provisions of the Private Securities Litigation Reform Act
 of 1995.  Such forward-looking statements are based upon management's current
 expectations and beliefs and are subject to a number of known and unknown
 risks, uncertainties and other factors that could cause actual results to
 differ materially from those described in the preceding forward-looking
 statements.  These risks, uncertainties and other factors include, but are not
 limited to, Xpedior's ability to complete the orderly liquidation of its
 business units and core assets and pay its creditors, pursuant to its Chapter
 11 plan.  In addition, you are encouraged to review the company's latest
 reports filed with the SEC, including Xpedior's Annual Report on Form 10-K for
 the year ended December 31, 1999, and Xpedior's Quarterly Report on Form 10-Q
 for the quarters ended March 31, 2000, June 30, 2000, and September 30, 2000,
 which describe a number of additional risks and uncertainties that could cause
 actual results to vary materially from those expected in the forward-looking
 statements made in this press release.  Xpedior undertakes no obligation to
 update or revise any forward-looking statements, whether as a result of new
 information, future events or changed circumstances or for any other reason.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X48159488
 
 SOURCE  Xpedior Incorporated