Troubled DSL provider Covad Communications says it will pull the plug on its BlueStar Communications Group.
Path to Profits
Troubled DSL provider Covad Communications says it will pull the plug on its BlueStar Communications Group. By shutting down the high-speed Internet access sales unit and laying off about 400 workers, the company expects to reduce operating costs by $75 million over the next year and to extend its operating cash into July 2002.
Lucent Technologies is reportedly negotiating with three companies to sell plants in Columbus, Ohio, and Oklahoma City, where wireless and switching gear is made. Contract manufacturer Celestica is favored in the negotiations, though an official announcement isnt expected for a few weeks. The sale could yield $600 million to $900 million.
Voice-over-broadband service provider CopperCom raised $65 million in its sixth round of venture funding. The latest round brings the 4-year-old companys venture capital total to $220 million.
Both Global Crossing and Qwest Communications International said last week that work on their next-generation networks is complete. Global Crossings $7.5 billion, global fiber-optic network was finished when a link between Lima, Peru, and its South American Crossing network was hooked up. Qwest wound up work on construction of local high-speed networks in 25 markets outside its 14-state region ahead of schedule.
Customer Counts Growing
Liberty Media will buy Deutsche Telekoms cable operations in six regions of Germany for about $4.7 billion. The deal gives Liberty more than 10 million German cable homes.