said a bankruptcy court approved its plan to pick up 24,500 high-speed Internet access customers from service provider


, which filed for bankruptcy last year.

Covad offered to purchase the Flashcom DSL customers for a combination of cash and debt forgiveness totaling $750,000. The company could pay up to $2.75 million more depending on the number of Flashcom lines successfully transferred to the Covad Safety Net program.

The move allows Covad to try to grab Flashcom customers who may face losing their broadband connection.

Shares of Covad rose 25 cents, or 14%, to $2.06 in recent