Another nail in the coffin for SR Telecom

Published: November 11th, 2008

WiMAX vendor SR Telecom of Montreal released its quarterly results Tuesday. The company has changed its name to SRX Post Holdings and reported no revenue for the latest quarter because it is bankrupt.

“Following the sale of substantially all of its assets to Groupe Lagasse, the Company ceased operations with no revenue for the three-month period ended September 30, 2008, compared to $18.0 million during the corresponding period in 2007,” the company said in a press release.

“Net loss and comprehensive loss for the three-month period ended September 30, 2008 was $9.3 million, compared to $22.2 million in the prior year. The third quarter results in 2008 reflect legal and consulting fees incurred as management continues to pursue the monetization of the Company’s remaining assets.”

SR Telecom, which made fixed wireless equipment, originally sought bankruptcy protection last year. At the time, it owed $46.7 on a credit facility and an additional $36.1 million on a term loan.

SR Telecom was incorporated in 1981 and was sold last April to Groupe Lagass

Related Download
Business solutions Sponsor: LG
LG Business Solutions
New technologies can ease the burden on IT departments while enhancing productivity and satisfaction for the end users they serve.
Learn More