Full FeedHelio is half a billion dollars in debt
Niche cell service Helio has amassed a fantastic $560 billion dollars in debt over the last three years. Helio, which is co-owned by Earthlink and SK Telecom was created to bring many of the cellphone features that Asian customers enjoy to the US. Losses have increased steadily over the three years with an understandable $47 million in losses in 2005, a worriesome $192 million in 2006 and finally a downright staggering $327 million in 2007.
There is some good news for the Helio faithful. Sales actually outpaced looses in 2007 with losses increasing at 70% and revenue jumping 264%. There is also the fact there is serious restructuring going on at corporate headquarters as well as dropping prices on phones and services which is bound to help. Regardless of these positives majority owner SK Telecom might look at unloading their stake soon.
Read [Silicon Alley Insider]
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Its amazing that the US government can let this sort of thing happen, it almost always ends in tears when big corporates go bankrupt and thousands lose their jobs.
on March 17, 2008 at 05:16 PM - LINK