Sprint notes "cross default" liability in Clearwire

It might cost Sprint Nextel less to pump billions of dollars into WiMAX service provider Clearwire than to consider alternatives if its partner goes bust, industry observers say. In a filing Friday, Sprint said Clearwire's failure to meet its loan covenants could trigger "cross default provisions" based on its 54% stake in the company. Sprint said it had several options to avoid the provisions and insisted it expects to meet its debt obligations, at least through 2011.

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Wall Street Journal, The · Total Telecom Magazine (U.K.)

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