WAM!NET wins 68m backing from Cerberus

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11 October 2001

WAM!NET has closed the deal on the provision of a 68m ($100m) working capital facility from Cerberus Capital Management, a New York City-based private investment firm

WAM!NET has closed the deal on the provision of a 68m ($100m) working capital facility from Cerberus Capital Management, a New York City-based private investment firm (PrintWeek, 24 August).

"This represents a sizeable financing in a difficult climate, and it will be the last form of capital we will need," said corporate communications manager Jason Thunstrom.

He said the company aimed to be cashflow-positive and reach profitability by the first quarter of 2002. Revenues are predicted to rise by the middle of 2002 for its data storage and application hostings business.

WAM!NET received clearance from its bondholders in August for the finance deal with Cerberus to go through.

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