KPNQwest saved at the eleventh hour

NEWS 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.