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Byline: Chris Nolter
Level 3 Communications Inc. ended weeks of speculation just before the holiday weekend by announcing that it will acquire nearly all of Genuity Inc.'s assets for up to $242 million in cash and assume significant operating agreements.
Woburn, Mass.-based Genuity filed for Chapter 11 protection in the Southern District of New York in conjunction with the deal and said that all but one of its banks and major customers, including former parent Verizon Communications, support the transaction.
Level 3's payment and all of the cash on Genuity's balance sheet will be distributed among the company's creditors. Closing is expected in the …