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Technology Stocks : Broadband Wireless Access [WCII, NXLK, WCOM, satellite..] -- Ignore unavailable to you. Want to Upgrade?

To: transmission who wrote (1762)	4/11/2001 12:29:10 PM
From: transmission	Read Replies (1) \| Respond to of 1860

Wednesday, April 11, 2001 Winstar Prepares to Default; Investors Brace for Shortfall 9:30:04 AM 4/11/2001 On April 15, Winstar must pay out $74M in coupon payments it owes its senior noteholders, and analysts wonder whether the WLL broadband player has enough funds to cover the check. Winstar notes currently are trading at below the amount each noteholder is to receive in interest payments, coming in at 2.5 cents on the dollar. To make the payments, Winstar halted its buildout, but its bank and vendor financing agreements contain covenants requiring it to meet buildout benchmarks. In the meantime, the company has been burning through about $90M a month, and chief financier Lucent has cut the company's financing from $1B to $400M. Other lenders, including Cisco and Compaq, are bracing themselves for Winstar's default. Reported by Dow Jones Newswire.