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Clearwire Considers Skipping $237M Debt Payment


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by Robert Herron
Sprint 4G Rollout Updates
Friday, November 18, 2011 - 1:12 PM MST

 

Here we go! Clearwire, has found itself in a cash flow crunch. According to the Wall Street Journal, the struggling WiMax carrier and Sprint 4G partner is now considering skipping its debt payment of $237 Million dollars that is due December 1st. With only $698 Million currently available to fund it's entire operation, skipping the payment sure would give them a little breathing room.

"It's a very expensive payment that we have," Clearwire CEO Erik Prusch said to the Wall Street Journal. "It would be a significant drain of our cash, so we have to evaluate everything in terms of our decision of where we're going."

Of course, the market is not accepting this news well and Clearwire's stock has been punished today on the news. Down over 30% at the time this article was published.

 

Source: http://online.wsj.co...=googlenews_wsj

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