The Fate of Vendors who Leveraged their Clients

Dimitris N. Chorafas

Chapter 11 in Rating Management’s Effectiveness, 2004, pp 252-277 from Palgrave Macmillan

Abstract: Abstract The telecommunications industry’s collapse was driven by two forces, both having their roots in mismanagement and in excesses: companies have been overleveraged and capacity has been overbuilt. During the late 1990s telecom companies borrowed enormous sums of money to finance an expansion of capacity based on radio waves and photonics, as well as a huge wave of mergers and acquisitions which made little if any sense. This was done without the benefit of rigorous strategic plans. The different companies, incumbents and newcomers, had set as their main goal to do ‘more’ than their competitors.

Keywords: Cash Flow; Credit Rating; Telecom Equipment; Telecom Industry; Lucent Technology (search for similar items in EconPapers)
Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-00590-7_11

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DOI: 10.1057/9780230005907_11

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