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AMSTERDAM, Netherlands (AP) _ Dutch telecommunications services company KPNQwest NV said Friday it would file for bankruptcy after it failed to reach an agreement on the sale of assets.

The company said it had ``no other choice'' than to file for bankruptcy at a district court in the western town of Haarlem, as it didn't expect to raise money through divestment in the next day.

``The efforts to try and sell certain non-critical assets in order to secure sufficient cash proceeds to meet the ongoing obligations of the company have not been successful. This situation is not expected to change over the next 24 hours,'' the company said in a statement on its Web site.

KPNQwest will, however, continue talks about the sale of ``a substantial part of the business,'' it said in the statement.

The company said it would file for a ``moratorium of certain of the Dutch group companies'' at an Amsterdam court. A number of KPNQwest subsidiaries across Europe will also file for protection from creditors.

The company said it will not seek receivership for its branches in Portugal, Italy and a few other divisions in Central Europe.

KPNQwest announced last week that it was seeking protection from creditors under Dutch laws to avoid bankruptcy, and its supervisory board resigned. It was not granted the protection it asked for, however.