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Vonage Fights To Avoid Bankruptcy – Renegotiating $253 million in debt with creditors

In: broadbandreports.com|Site Feeds|VoIP

5 Mar 2008

Cable VoIP competition, high customer churn and large patent violation payouts continue to trouble Vonage. But according to the Washington Post, the company is negotiating with its creditors to change the terms of $253 million of debt in an effort to avoid bankruptcy. The company’s high churn currently means they’re having to replace a third of their customers every year, and despite Vonage boss Jeff Citron putting on a brave face, the company remains on the death watch list. News of the negotiations actually helped slighty bump Vonage stock, though analysts still think Vonage’s long-term future is grim.
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