April 19, 2001 |
Cash-strapped telecommunications services provider Winstar Communications Inc. said it blamed Lucent Technologies Inc. for violating a vendor financing agreement and forcing it to file for bankruptcy protection. Winstar also filed a $10-billion lawsuit against Lucent, the Murray Hill, N.J.-based telecom giant that has already lent Winstar about $700 million. Winstar, which filed for Chapter 11 bankruptcy protection in Wilmington, Del.
April 17, 2001 |
Winstar Communications Inc. failed to make $75 million in senior debt securities and said it is considering filing for Chapter 11 bankruptcy protection. The New York-based telecommunications company said it failed to make the payments, which were due Monday to Lucent Technologies Inc. The company also said it will delay filing its annual report with the Securities and Exchange Commission.
April 23, 1999 |
CBS Corp., the top-rated U.S. TV network, said it has agreed to buy a 33% stake in WinStar Communications Inc.'s Office.com in exchange for $42 million in advertising, expanding its online holdings. Over six years, CBS will promote and provide advertising for Office.com on its TV network and affiliated stations, as well as across the radio and billboard businesses of Infinity Broadcasting Corp., in which CBS owns an 83% stake. Office.
April 6, 2001 |
Winstar Communications Inc., an unprofitable telephone company whose stock has plunged 99% in the last year, will cut 2,000 jobs immediately, a 43% reduction, and halt network construction for this year to conserve cash. New York-based Winstar borrowed heavily to finance construction of its wireless network to compete against Verizon Communications and others for corporate phone and data-service customers. Winstar has $6.
November 9, 2000 |
Winstar Communications Inc. said Wednesday it will receive $1.02 billion in new capital, a quarter of which is an equity investment from Microsoft Corp., Compaq Computer Corp. and others. The investment helped send shares of the wireless phone and data company up 14%. Microsoft, Compaq, CSFB Private Equity and investment company Welsh, Carson, Anderson & Stowe will provide $270 million. An additional $750 million will be borrowed from banks and suppliers, Winstar spokesman Kevin Cavanaugh said.
January 31, 2000 |
Much is being made these days of the need to provide businesses and consumers with "fat pipes" capable of delivering high-speed Internet access as well as standard phone and data services. For most people, that means fiber optics, digital subscriber line technology over copper lines, or upgraded cable connections. It turns out, however, that some of the most intriguing and promising high-speed connections are not "pipes" at all.