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XO Sells Everything But Some Spectrum
Well, it's not like they had much to lose at this point, but XO is trying to get back into the game by shedding... well... just about everything, and trying again as a wireless broadband provider. The company has shipped off the old wireline business and the XO name to another company owned by Carl Icahn (the controlling shareholder of XO). So, basically, XO is ditching its debt by selling everything to their controlling shareholder and using the cash to pay off the remaining debt. The only thing the "old" company is hanging onto is the LMDS spectrum that it owns... and (oh yeah) $300 million above and beyond the debt to invest in that spectrum and build up a wireless broadband business under an as yet unannounced new name. Well, at least they're trying something.
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