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NEW YORK, April 25 (Reuters) - Clearwire Corp, aU.S. wireless service provider which is majority owned by SprintNextel, said on Thursday it would have enough cash to fundits operations until the first quarter of 2014 if it does notraise any additional financing.
However the company said on its quarterly conference callthat it would need to stop high-speed wireless network upgradeand also make other cost cuts in order to stay afloat until thefirst quarter. Clearwire also announced a narrower operatingloss even as its revenue declined.
Clearwire, which agreed in December to be bought out bySprint for $2.97 per share, told analysts that deal would goahead even if Sprint reneged on its October agreement to sell 70percent of its shares to Japan's SoftBank Corp for$20.1 billion.
Since both these agreements were forged, satellitetelevision provider Dish Network announced a $3.30 pershare counter bid for Clearwire in January, leading investorshoping that Clearwire would receive a sweeter bid.
Then Dish made a $25.5 billion bid for Sprint on April 16 ina challenge to SoftBank and said it had not formally withdrawnits Clearwire offer but would honor the original Sprint dealwith Clearwire if it is successful in buying the company.
Clearwire, which called a special meeting on May 21 for ashareholder vote on the Sprint bid, said is still evaluating abid from its biggest rival Verizon Wireless for $1billion to $1.5 billion of its spectrum.
Clearwire can draw on $80 million of financing from Sprintin May but if shareholders vote against the Sprint deal on May21, it would have to forego another $400 million of fundingavailable from Sprint under their December agreement.
Clearwire declined to comment during the conference call ona recent announcement that it was considering defaulting on a$255 million interest payment due on June 1.
Analysts see this as a negotiating tactic that could lead toa higher offer from Sprint.
"All investors eyes are focused on a potential sweetenedoffer from Sprint and the next scheduled interest payment dateof June 1. That's leverage," said Roe Equity Research analystKevin Roe.
Clearwire said its first quarter loss narrowed to $303.69million from $421.89 million. Revenue fell to $318 million from$322 million.
