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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: Raymond Duray who wrote (17754)4/3/2002 6:59:07 AM
From: elmatador  Read Replies (2) of 74559
 
Flag falls 40% after interest payments skipped. NOTE: Major shareholders in FLAG include Verizon Communications and Tyco International.

The diggestion will end with WCOM. The day they sell Brazil's Embratel-WCOM, then it will be completed.

It's playing like that the diggestion of telecoms:
1) CLECs debacle. (Done)
2) Long distance Kaput. (work in progress)
3) Cable TV companies smash. (starting to shake. see please NTL and UPC)

After cable TV companies' diggestion is completed, Then we have hit the bottom.

Flag falls 40% after interest payments skipped
Shares in Flag Telecom (US:FTHL) (UK:FTL) , the undersea telecom network provider, fell nearly 40 per cent in London on Wednesday as the likelihood of a restructuring of the indebted carrier grew. Flag did not make required interest payments on March 30 on $300m and €300m 11.6 per cent senior notes. It has a 30-day grace period before defaulting and the full amounts becoming payable. Flag said it did not have sufficient liquidity to pay in full and would have to file for bankruptcy protection if it could not negotiate a restructuring of the notes. Arthur Andersen, its auditor, said there was substantial doubt about Flag's ability to continue as a going concern. Bermuda-based Flag saw its shares fall 21 per cent to 15 cents on the Nasdaq, its main listing, on Tuesday. They were down 38 per cent at 14p in London on Wednesday morning.
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