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Technology / AI and automation

COLT PLANS TO RAISE 190M POUNDS AS IT’S HIT WITH HEAVY COSTS

The UK-based Colt Telecom Group Plc says it is considering raising up to 190m pounds to fund the continued development and expansion of its networks. The company said it wants to raise 90m pounds through a share offering and 100m pounds through the issue of senior notes denominated in sterling and/or D-Marks. Like WorldCom, one of the company’s key rivals, Colt has been building out its own metropolitan fiber optic networks in major cities around Europe. These include London, Frankfurt, Paris, Munich and Hamburg. The European roll-out will extend to Berlin, Zurich, Brussels and Madrid. The company announced its plans for further financing as it reported losses for both its third quarter and the nine-month period to September 30. Net losses were up at 9.11m pounds from 2.1m pounds for the third quarter last year on revenues up 96.3% to 21.4m pounds.

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CBR Staff Writer

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