Broadwing ponders broadband unit sale
Broadwing Communications may sell its broadband unit as part of its continued restructuring process. The company is restructuring due to financial constraints.
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Broadwing will also take a fourth-quarter impairment charge of $2 billion.
Back in December, Broadwing received a $200 million financing commitment from Goldman Sachs to help pay down its bank debt. The provider revealed today that the commitment has been increased to $350 million. It is also in talks to amend the 2004 maturity date of its credit facility.
Broadwing is working with Lehman Brothers and Banc of America Securities regarding the potential sale of the broadband unit. Broadwing has fielded inquiries about the unit and is “giving them our full attention,” according to a released statement from CEO Kevin Mooney.
It looks like Broadwing might be opting to sell a cash cow, too. The unit generated the most revenue over other units for the nine months that ended on September 30. It brought in $843.4 million during that period of a $1.65 billion total.
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