KPN wipes the slate clean
Corporate bond investors are welcoming the Dutch telephone company KPN’s decision to write off a substantial proportion of its investments in third-generation mobile phone licences.
The company announced a €9 billion write-down in the value of its licences and customer base, in its second-quarter earnings released in late August.
Nigel Sillis, credit analyst at Baring Asset Management, says the write-down does not cost the company anything in cash and only brings the valuations into
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