VarTec Telecom asset sale draws objection from Verizon

By Caroline Salls

Pittsburgh, June 24 - VarTec Telecom, Inc.'s proposed asset sale drew objection from operating telephone company subsidiaries of Verizon Communications Inc., according to a Friday filing with the U.S. Bankruptcy Court for the Northern District of Texas.

The Verizon units said the company should be required to disclose which executory contracts will be assumed and assigned to the buyer before the asset sale.

The objectors also said objections to the sale motion should be due after the auction results are known and just before the sale hearing, rather than before the auction as the bidding procedures currently allow.

Verizon and its subsidiaries provide telecommunications services to VarTec.

A hearing on the bidding procedures was requested for Monday.

The auction will be held July 25, and the sale hearing will be held July 26 or July 27.

VarTec, a Dallas-based telecommunications provider, filed for bankruptcy on Nov. 1, 2004. Its Chapter 11 case number is 04-81694.

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