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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 22, 2003
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CTC COMMUNICATIONS GROUP, INC.
(Exact Name of Registrant as Specified in its Charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
0-27505 04-3469590
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(Commission File Number) (I.R.S. Employer Identification No.)
220 BEAR HILL ROAD, WALTHAM, MASSACHUSETTS 02451
(Address of Principal Executive Offices) (Zip Code)
(781) 466-8080
(Registrant's Telephone Number, Including Area Code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS.
On August 22, 2003, the Registrant issued the following press
release:
BANKRUPTCY COURT APPROVES CTC-COLUMBIA INVESTMENT AGREEMENT
Latest milestone in progress toward reorganization
Waltham, MA, August 22, 2003 - CTC Communications Group, Inc. announced today
that the U.S. Bankruptcy Court approved its previously announced investment
agreement with Columbia Ventures Corporation and Columbia Ventures Broadband
LLC, subject to the confirmation of a plan of reorganization.
The investment by Columbia Ventures forms the basis of CTC's forthcoming plan of
reorganization. Michael Katzenstein, CTC's interim CEO, said "The Bankruptcy
Court approval of the selection of Columbia Ventures as plan investor is an
important step forward for CTC and its dedicated employees. With the investment
and the support of Columbia Ventures, CTC will maintain its position as the
preeminent competitive telecom provider in the northeast. CTC thanks its
customers for their continued belief in our company." He noted that CTC expects
to emerge from chapter 11 with funding for growth, a reinvigorated business plan
and a substantially unlevered balance sheet.
CTC also announced that all regulatory filings required to consummate the
transaction have been made by CTC and Columbia Ventures.
Kenneth D. Peterson, Jr., Columbia Ventures CEO, stated, "I am delighted by the
decision, which puts CTC on course to emerge from chapter 11 before the end of
the year. We believe CTC's employees are among the best in the industry and we
look forward to closing this transaction as quickly as possible. CTC's customers
have shown their loyalty and proven their good judgment. Their confidence will
be rewarded by CTC's strong customer orientation, the continuation of superior
existing services and the new services that we plan to roll out."
Miller Buckfire Lewis Ying & Co., LLC, financial advisor to CTC, advised on
the transaction.
SAFE HARBOR STATEMENT
The statements in this press release that relate to future plans, events or
performance are "forward-looking statements". Forward-looking statements are not
guarantees of future performance and involve significant risks and uncertainties
that could cause actual results to differ materially from those reflected in the
forward-looking statements as a result of various factors, some of which are
unknown. These risks and uncertainties include the ability to obtain required
consents of lenders, suppliers and other lessors, financial results, operating
metrics expectations, reduced operating costs, and the effects of the current
economic conditions. Readers are, accordingly, cautioned not to place undue
reliance on these forward-looking statements. CTC undertakes no obligation to
release publicly the results of any revisions to these forward-looking
statements that may be made to reflect results, events or circumstances after
the date hereof.
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ABOUT CTC
CTC is a "next generation" Integrated Communications Carrier utilizing advanced
technology and providing its customers with converged voice, data, Internet and
video services on a broadband, packet-based network, called the PowerPath(R)
Network. The Company serves medium and larger business customers from Virginia
to Maine, which includes the most robust telecommunications region in the world
- -- the Washington D.C. to Boston corridor. CTC's Cisco Powered IP+ATM packet
network and its top-tier sales and service teams provide contiguous marketing
and technology coverage throughout the Northeast and Mid-Atlantic States. The
Company, through its dedicated commitment to exceptional customer service, has
achieved an industry-leading market share in the Northeast. CTC can be found on
the worldwide web at www.ctcnet.com.
ABOUT COLUMBIA VENTURES CORPORATION AND COLUMBIA VENTURES BROADBAND
Columbia Ventures Corporation (CVC) owns and operated telecommunications and
industrial businesses. The most recent addition to CVC's operations is Hibernia
Atlantic, a transatlantic fiber optic network with landing stations in Boston,
Halifax, Liverpool and Dublin. The Hibernia Atlantic system includes a fully
protected terrestrial system linking Boston via New York City. CVC also operates
a fiber optic metropolitan network in Spokane, Washington and is the largest
shareholder in Og Vodafone, the second largest telecommunications provider in
Iceland. The industrial businesses of CVC include Nordural, an aluminum smelter
developed and constructed by CVC in Iceland, as well as aluminum manufacturing
and fabrication operations in the United States ands Mexico. CVC and its related
businesses began operations in 1987. The company's headquarters are located in
Vancouver, Washington.
FOR FURTHER INFORMATION:
CTC Communications Group, Inc.:
John D. Pittenger, Executive Vice President and CFO (781) 466-1302
Miller Buckfire Lewis Ying & Co., LLC:
Marc Puntus (212) 895-1819
John Bosacco (212) 895-1822
Columbia Ventures Corporation and Columbia Ventures Broadband LLC:
Rich Roman (360) 882-1052
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized on August 22, 2003.
CTC COMMUNICATIONS GROUP INC.
By: /s/ John D. Pittenger
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John D. Pittenger
Chief Financial Officer