Clearwire: We need to draw on Sprint financing

02/12/2013 | Reuters · Wall Street Journal, The

With its losses widening, Clearwire said Tuesday that it needs to draw on the $240 million in financing offered by Sprint Nextel in the wake of Sprint's $2.97-a-share offer to buy full control of the wireless service provider. Clearwire said that without the funding -- and up to $250 million in financing from vendors -- it won't be able to stay fully funded until December. Clearwire said fourth-quarter revenues dipped by 14% as its losses surpassed analysts' estimates. Subscribers totaled 9.6 million at the end of last year, down from 10.4 million reported at the close of 2011.

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Reuters · Wall Street Journal, The

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