Sprint Nextel reported a record loss of $29.5 Billion. The company wrote off almost all of the Nextel acquisition cost from 2005. Shares of Sprint shares are currently down 11%.
Sprint already borrowed $2.5 billion to increase financial flexibility. On top of these financial issues the 3rd largest wireless carrier in the U.S. is losing subscribers.
More details in this Sprint press-release and on CNN Money.
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