الاخ / بريد الكتروني
انا شريت مجموعه كبيره من الاسهم في lvlt ب 3.09 بعد ما صرح رئيسها هالتصريح
BROOMFIELD, Colo. (Reuters) - Level 3 Communications Inc. (Nasdaq:LVLT - news), which operates a high-speed communications network, said on Friday it does not expect to file for bankruptcy even if it violates a credit agreement as a result of sluggish revenues.
The Broomfield, Colorado-based company said it may violate a revenue requirement in the second quarter if sales do not improve and customers keep canceling orders at current rates, reiterating statements made earlier in the week.
Level 3 and other fiber-optic network operators have been hurt by a glut of network capacity, slack demand and declining rates for voice and data transmission services. The companies also suffered as business customers have cut back on technology spending in the weak economy.
High-speed network operator Global Crossing Ltd. (NYSE:GX - news) (GBLXQ.PK) and local telephone company McLeodUSA Inc. (Nasdaq:MCLD - news) filed for bankruptcy earlier this week, raising concerns that other insolvencies may emerge in the battered telecommunications industry.
Level 3 said it started talks with JP Morgan Chase, the administrative agent for the $1.775 billion credit pact, to modify terms of the agreement and believes it can resolve the issue to avoid any violations.
Current terms require Level 3 to have at least $2.3 billion in telecom revenues by the end of 2002. The revenue covenant is calculated on a quarterly basis. It had revenues of $1.53 billion in 2001.
Level 3 said it believes its potential financial covenant violation is ``far less serious'' than a payment violation. It said it won't violate payment rules because it has enough money to service its debt after restructuring its balance sheet, selling its Asian operation and cutting spending.
``Based on our financial situation as it exists today, we do not envision any scenario whereby Level 3 would have a payment default with respect to not only our senior secured credit facility, but also any other Level 3 debt. As a consequence, we also do not anticipate a scenario under which Level 3 would expect to seek protection from its creditors under the bankruptcy statutes,'' Level 3 Chief Executive James Crowe said in a statement.
Shares of Level 3 closed at $3.01, up 1 cent, on Nasdaq. The stock has fallen 93 percent over the past 12 months. The company's ``distressed'' 9.125 percent notes maturing in 2008, a junk bond, edged up only half a cent on the dollar after the announcement to a bid of 40.5 cents, a trader said. The notes yield 31.4 percent to maturity.
Level 3 said it believes its funding position, customer base, and spending cuts make it different from the other companies that have declared bankruptcy.
Level 3 on Tuesday posted a $3.3 billion loss after charges for job cuts and the sale of its Asian assets, and said it expects its current-quarter communications revenues to be little changed from $269 million level in the fourth quarter.
It reiterated expectations for a profit before interest, taxes, depreciation and amortization (EBITDA) in the first quarter, and said it has enough money to fund operations until it reaches free cash flow breakeven.
والحين سعرها ب 2.82 فوش رايك ابيع ولا لا ولاتخاف تراني ماراح الومك ابد لوبعت وطلعت .