OVER THE PAST 18 months or so, the financial world has been rocked by bankruptcies at leading telecoms and communications equipment makers, including Global Crossing,Teleglobe, 360networks, Marconi, WorldCom and NTL.
But now these bankrupt operators are working their way through the bankruptcy net and starting to seek new funding. Rather than running for cover, investors and bankers are eagerly contemplating the massive debt capital markets opportunities presented by the return of these fallen angels as industry consolidation takes hold.
There may be despair, though, for smaller players whose prudence meant they were not lured into bankruptcy, With the big fish swarming back to the market, small telecoms' financing plans might be shunned by lenders wooed by the allure of hefty fees from large financing packages.
UK-based cable operator NTL emerged from bankruptcy protection at the beginning of the year. In May, Marconi announced the completion of a complex restructuring,...
