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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"Bit weird. From what I've heard, things started to go wrong when their trade customers found out they put a B1 printing press in and went from a supplier to a competitor......"
"Sad to see another print company facing financial trouble. The industry is tough, and this highlights the ongoing challenges many are facing. Hope employees and customers get clarity soon."
"Not surprised, businesses need to prepare for these attacks rather than thinking that they're going to avoid them. At the very least, data needs to be fully protected with air gaps in place..."
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