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Standard & Poor’s has placed Sprint Nextel on notice for a possible credit downgrade, saying the struggling firm’s weak performance has led to deteriorating credit measures.
Sprint Nextel on Tuesday agreed to pump $1.176 billion into Clearwire Corp., the public company building out the fourth-generation WiMax wireless network that Sprint is counting on to boost its own business. Sprint’s partners in Clearwire, excluding Google Inc., will inject an additional $388 million to provide $1.564 billion for expanding the WiMax network. The money will start flowing Friday in a series of three installments, according to Clearwire’s public notice.
A day after announcing up to 2,500 layoffs, Sprint Nextel has agreed to pump $1.176 billion into Clearwire Corp., the public company that is building out the fourth-generation WiMax wireless network Sprint is counting on to boost its own business.
Most of the nationwide job cuts — expected to save about $350 million in labor costs — will take place by Dec. 31, Sprint Nextel Chief Executive Dan Hesse said in a memo sent Monday to employees.
