Qwest bids $390 million for Allegiance.

From: The Dallas Morning News (via Knight-Ridder/Tribune NewsService) | Date: December 18, 2003 | Copyright information

Byline: Vikas Bajaj

Allegiance Telecom Inc. secured a $390 million opening bid from Qwest Communications Inc. Thursday for an auction that will end the Dallas-based company's bankruptcy.

The auction is expected to draw several other telecommunications companies when it starts after a Jan. 9 court hearing. It's expected to last for 35 days.

Qwest's move to acquire Allegiance's 36-city network for $300 million in cash and $90 in convertible debt will...

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