Sprint Not To Buy $760M Clearwire Debt

WiMax mobile broadband provider,Clearwire, has not received the $760 million potential investment from partner,Sprint Nextel,Reutersreports. Sprint, which owns about 54% of Clearwire and uses its network to offer high-speed services, did not exercise its right to buy Clearwire’s debt and missed the January 2 deadline.

Sprint had the right to buy Clearwire’s debt as part of the broadband provider’s December offering, which helped it raise nearly $1.4 billion, addsPC World. Clearwire, which requires billions of dollars to complete a high-speed wireless network, may raise funds by selling $2 billion of wireless spectrum or from an equity investment by a company including Sprint orT-Mobile USA, a unit ofDeutsche Telekom.

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