Redstone May Crumble
Tuesday 26 June 2001 15:17:00 by
Redstone is just managing to hold off from going bankrupt with a penny share issue of 2.65 billion shares.
Redstone Telecoms is one of the few companies still in the process of rolling out xDSL services using LLU (Local Loop Unbundling).
As reported in the media - the CEO resigned on Tuesday over the companies future direction, so while it looks like they will continue as a company either plans for xDSL services will be cut back,
How the various delays and negotations over LLU have affected them is hard to say but the shares have dropped from £9 in Feb 2000 to around 2.25pence now.