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EXHIBIT 99.5
Investor contact: Kirk Brewer
972.801.8012
Media contact: Scott Baradell
972.801.8180
INVOLUNTARY PETITION FOR CHAPTER 11
REORGANIZATION FILED AGAINST PAGING NETWORK, INC.
DALLAS, July 14, 2000 -- Paging Network, Inc. (NASDAQ: PAGE) said that
three affiliated entities holding its senior subordinated notes filed an
involuntary petition for reorganization against PageNet under Chapter 11 of the
Bankruptcy Code. The petition was filed in the Delaware Bankruptcy Court on
Friday afternoon.
PageNet had previously filed a registration statement with the
Securities and Exchange Commission under which it expected to seek consents from
its senior noteholders to a "pre-packaged" plan of Chapter 11 reorganization in
order to consummate its proposed merger with Arch Communications Group, Inc.
PageNet said that it expected to move expeditiously to file and seek approval by
the Bankruptcy Court for its previously disclosed plan of reorganization, which
implements the merger agreement with Arch.
John P. Frazee, Jr., Chairman and Chief Executive Officer of PageNet,
said, "While we had hoped to obtain the requisite consent of our noteholders to
the proposed plan of reorganization prior to a bankruptcy filing, we will now
move forward to seek approval within the framework of the bankruptcy court
proceeding. A substantial majority of our bondholders have expressed to us their
support for the proposed merger. We expect the day-to-day operations of our
business to be unaffected and under our previously announced plan, all
obligations owing to our trade creditors and our employees will be paid in the
ordinary course. We believe that the proposed merger with Arch is in the best
interests of all of our creditors and shareholders and we look forward to
consummating it as expeditiously as possible."
C. Edward Baker, Jr., Chairman and Chief Executive Officer of Arch,
said, "Our agreement with PageNet contemplated the likelihood that we would need
to consummate the merger through a bankruptcy court proceeding. We will work
actively with PageNet to achieve that objective."
PageNet is a leading provider of wireless messaging and information
services in all 50 states, the District of Columbia, the U.S. Virgin Islands,
Puerto Rico and Canada. The company offers a full range of paging and advanced
messaging services, including guaranteed-delivery messaging and two-way wireless
e-mail. Detailed information for PageNet services are available on the Internet
at www.pagenet.com.
