PAETEC lightens its debt load

PAETEC may be just as vulnerable to the ongoing economic recession as the rest of us, but one area where it appears to be gaining the upper hand is in paying down its debt. The Rochester, NY-based CLEC announced this week that it has reduced its debt load by $10 million--the second time in six months.

This latest debt reduction reflects an ongoing trend for PAETEC. PAETEC cut its borrowing by $20 million since the end of the second quarter of 2009. In addition to paying down its debt, PAETEC earlier this year repositioned about $300 million in debt out to 2017. 

Reducing its debt load is a positive move for a service provider that has suffered a number of setbacks due to the current economic recession. During the third quarter, the CLEC reported $6.5 million in losses and in 2008 it had to cut 5 percent or 200 employees from its workforce.

For more:
- Xchange has this article

Related articles
Paetec joins job cut parade
Sprint settles VoIP patent disputes
Paetec acquired McLeodUSA in September 2007
Paetec acquired Allworx a month later

Suggested Articles

icrosoft took the wraps off of a new cloud service for Azure via its partnership with Genesys.

Ahead of next month's fourth quarter earnings, Windstream touted its 2019 broadband achievements this week.

Cincinnati Bell announced on Friday that it has received an unsolicited buyout bid from an "infrastructure fund" for $12 a share in cash.