Sprint Nextel Corp , the No. 3 U.S. mobile provider, agreed to pay up to $1.6 billion to Clearwire Corp in the next four years, including a network pact and a potential equity infusion, easing concerns about a liquidity crisis at Clearwire.Clearwire, for which some investors had bankruptcy fears, saw its shares rise more than 20 percent in morning trade after it said on Thursday that it will be able to make a $237 million debt interest payment due Dec. 1.The stock had closed up 13 percent the day before after a Reuters report that Sprint was expected to reach a funding agreement for Clearwire.Wireless service provider Clearwire, which is majority owned by its biggest customer Sprint, last month told the Wall Street Journal that it might skip the interest payment to conserve cash as it needs almost $1 billion in new financing to keep operating and fund a network upgrade.
Sprint Nextel Corporation (Sprint) is a holding company, with its operations primarily conducted by its subsidiaries. Shares of S fell by 1.48% or $-0.04/share to $2.66. In the past year, the shares have traded as low as $2.10 and as high as $6.45. On average, 62887700 shares of S exchange hands on a given day and today's volume is recorded at 55994804.
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