RoW Special Edition Update

Microcell’s struggles continue as company posts Q4 net loss in subscribers Struggling wireless operator Microcell Telecommunications Inc. appears to have suffered a significant setback in its battle back to viability in posting a net loss of more than 30,000 subscribers in the fourth quarter of fiscal year 2002 ended December 31 (RoW, Dec. 20/02). The company, which lost 44,689 subscribers for the entire year, saw its total subscriber base drop from 1.21 million at the beginning of 2002 to 1.16 million at the end of the year. The company has yet to release full Q4 and year-end financial and subscriber results. These figures were contained in a comprehensive information circular and proxy statement relating to Microcell’s reorganization plan. In Q4, Microcell added 29,575 net pre-paid subscribers, while losing nearly 60,000 post-paid subscribers. While the Q4 drop in subscribers could be attributed to house cleaning in removing inactive numbers, the net loss continues a downward trend that began in the second quarter of last year. In Q2, Microcell warned of financial difficulties in meeting debt payments, and said it could potentially lead to its inability to continue as a going concern. The company later filed for and received protection from creditors under the Companies’ Creditors Arrangement Act.

RoW Special Edition Update

News | 02/28/2003 5:00 am EST

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