WAM!NET gets deal go-ahead

News by

23 August 2001

WAM!NET has received the clearance from the majority of its bondholders that it needed to proceed with its finance deal with Cerberus Capital Management

WAM!NET has received the clearance from the majority of its bondholders that it needed to proceed with its finance deal with Cerberus Capital Management (PrintWeek, 3 August).
The firms second-quarter sales rose 49% to 9.2m ($13.4m). It is confident that it will be EBITDA-positive by the end of this year and cashflow-positive in the middle of next year. Losses to the end of June stood at 417m.

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"This is a repeat of what happened to 1066 Capital t/a Crystal a year ago. They also never put this company in administration. We are all still left unable to claim the redundancy and notice pay owed..."