Apr, 2002 : KPNQwest To Re-examine Financial Guidance

📅 April 25, 2002 - European communications firm KPNQwest N.V. (kpnqwest.com) said yesterday it would review its 2002 financial guidance in light of deteriorating market conditions.

KPNQwest said it believes that revenue for 2002 is likely to be between 1,000 and 1,050 million Euros against previous guidance of 1.3 billion Euros. The company also said EBITDA is expected to be in the region of 140 million Euros, compared to previous guidance of 175 million Euros for 2002.
KPNQwest said that its revision was due to a number of factors, including a recent deterioration in the optical capacity and wholesale markets and a softening of demand in the enterprise market.
The company said it is currently reviewing its outstanding liabilities, and has retained investment banking firm Bear, Stearns & Co. Inc. to advise the company on exploring alternative means of re-organizing its balance sheet. These include raising additional capital, selling certain non-strategic assets and a re-capitalization of the balance sheet, which the company warned may lead to the non-payment of interest on the company's high yield indebtedness.

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