re: Williams out of Chapter 11 - Not quite yet Hi FallGuy,Not...

re: Williams out of Chapter 11 - Not quite yet Hi FallGuy,

Not quite there yet. Still some distance to go, but may be on track for a late Q3 exit.

The full CommsDay story (30 July 2002) reads, below:

"US based Williams Communications, the 45% shareholder of PowerTel, has secured US$150 million in
equity investment as part of its chapter 11 debt restructuring process.

"The equity lifeline comes from US financial services holding company, Leucadia National Corporation and
was negotiated by PowerTel as required in the restructuring agreement with its creditors and lenders.

"In addition, Leucadia has also reached an agreement with the Williams Companies to acquire the equity it will
receive, as part of Williams Communications' reorganization. The resulting shareholdings in Williams
Communications will be 55% held by Williams Communications' bondholders and 45% held by Leucadia National Corporation.

"Locally, PowerTel maintains that its business operations and funding were not impacted by the debt
restructure process of Williams Communications. Commenting on the announcement, PowerTel chief executive Stephen Butler said "some of our shareholders and customers have expressed interest in Williams Communications' status as a shareholder throughout this process and this announcement confirms that Williams Communications is on track to emerge from Chapter 11."

"In a statement Williams Communications CEO Howard Janzen said that he anticipated that Williams would
successfully emerge from Chapter 11 during the 3rd quarter 2002".