Several telecommunications vendors, hard-hit by the recession, have raised
cash to help their balance sheets.
CommScope Inc. said it has arranged a new $100 million credit facility, which
will be used for future liquidity, working-capital needs and general corporate
And Ellacoya Networks Inc. said it raised $14 million in venture capital, led
by Flagship Ventures and Atlas Ventures. Ellacoya's "IP Service Control System"
helps broadband operators control peer-to-peer traffic.
In other financial news, Motorola Inc. announced an apparently unwanted
tender offer for stock in Next Level Communications Inc.
Motorola owns 74 percent of Next Level, which makes
asymmetrical-digital-subscriber-line video hardware, among other items, and it
is making a pitch to buy the remaining stock at $1.04 per share for about $30
Next Level chairman and CEO J. Michael Norris shot back, "Next Level has not
been for sale," adding, "Motorola has not discussed its unsolicited tender offer
with management and the independent directors."
And Broadwing Inc. said is may sell its fiber-optic-backbone broadband unit
as part of a company restructuring.
The company added that it secured a $350 million commitment from The Goldman
Sachs Group Inc., $150 million more than what Goldman committed to last