Qwest Finally Out Of MCI Bidding
The Denver-based telecommunication company plans to pursue other deals in the merger-filled telecom industry.
It’s over. Qwest Communications, continually rebuffed by MCI despite offering a package more appealing to MCI’s shareholders, has walked away from the table.
But Qwest won’t waste time worrying about the issue, despite their bitter complaints about MCI’s board on Monday.
“There’s a number of strong options before us. We’ve already begun looking at those options in earnest, and we think the market is full of great opportunities,” said Qwest Chief Executive Dick Notebaert.
Mr. Notebaert will have to hope one of those options can drive down the company’s $17 billion USD debt. Despite the debt, the company has no plans to enter bankruptcy proceedings.
The company did post a profit in the first quarter of $57 million USD, thanks to cost reduction measures that included cutting jobs.
“We are very pleased with the progress we’ve made in the first quarter, and I think it bodes well for the whole year,” Mr. Notebaert said.
David Utter is a staff writer for WebProNews covering technology and business. Email him here.