Sprint Looks Away as Clearwire Debt Plunges: Corporate Finance
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Bonds of Clearwire Corp., the company Standard & Poor’s says will run out of cash in 2012, are approaching levels consistent with an impending default as partner Sprint Nextel Corp. strikes a deal with a competitor.
The unprofitable wireless broadband provider’s bonds have fallen 12 percent this month, the worst performer among junk-rated telecommunications companies in the U.S., Bank of America Merrill Lynch index data show. Its notes trade at an average yield of 15.2 percent, compared with 11.8 for CCC rated debt and