C&W protection costs widen 200bp following restructuring talk
The cost of credit protection on debt of UK telecommunications company Cable and Wireless (C&W) has widened by more than 200 basis points since its revealed late Wednesday that it would cut 3,500 jobs, undergo a major restructuring and reassess its off-balance-sheet liabilities.
Meanwhile, debt protection for other European telcos narrowed following Deutsche Telekom’s unexpectedly strong moves to reduce its debt burden. Deutsche Telekom reported a net third-quarter loss of $20.6
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