Restructuring of Apollo's Brightspeed ‘Inevitable,' Fitch Says [BNN Bloomberg (Canada)]
Lumen Technologies, Inc. (LUMN)
Company Research
Source: BNN Bloomberg
Fitch slashed Brightspeed's credit grade one notch to CCC, citing under-performance on earnings and declining liquidity, among other things. Fitch said it expects the company to burn substantial cash as it builds out its fiber network. “Fitch believes the company's capital structure is unsustainable and a near-future debt restructuring exercise is inevitable,” analysts led by Salonie Sehgal said in a note. Representatives for Brightspeed and Apollo didn't immediately respond to requests for comment. Apollo agreed to buy Brightspeed — a carveout from Lumen Technologies Inc. — in late 2021, just before interest rates began rising. It has since struggled amid rising costs and an onerous debt burden. PJT Partners is advising Apollo on options for Brightspeed's debt load, Bloomberg previously reported. ©2024 Bloomberg L.P. Top Picks Top Stories TD sues wealth adviser who left during money-laundering review Canada's jobless rate rises to 6.2% in May as labour market disap
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LUMN
News
- Best Internet Providers in West Des Moines, Iowa [CNET News]CNET News
- LUMEN ALERT: Bragar Eagel & Squire, P.C. is Investigating Lumen Technologies, Inc. on Behalf of Long-Term Stockholders and Encourages Investors to Contact the FirmGlobeNewswire
- PETERMAYER ENTERS ITS JOY ERA [Yahoo! Finance]Yahoo! Finance
- Lumen Technologies to Present at the 2nd Annual UBS Women in Tech SummitPR Newswire
- Best Internet Providers in Bellingham, Washington [CNET News]CNET News
LUMN
Earnings
- 4/30/24 - Miss
LUMN
Sec Filings
- 6/11/24 - Form 4
- 6/11/24 - Form 3
- 5/24/24 - Form 3
- LUMN's page on the SEC website