New Zealand’s Woosh Wireless enters administration
In this article (5)
New Zealand wireless broadband provider Woosh Wireless has entered voluntary administration after burning through more than NZ$100 million ($67.7 million) in cash since it was founded.
The operator has appointed local advisory and investment firm KordaMentha as administrators for the proceedings. The first meeting of creditors will be held early next month.
Woosh was founded in 1999 and bought out by California-based Craig Wireless for $5 million in 2011.
The company sold its fixed line network to rival Slingshot last year, and sold one of its three spectrum blocks – a 70 MHz lot of 2300-MHz spectrum – to Spark New Zealand for NZ$9 million in April.
A KordaMentha partner said the company will be mindful of customers who rely on Woosh Wireless for their broadband services, particularly in remote areas in rural parts of Southland, where there is a strong concentration of subscribers.
Questions & Answers
Q.Which firm has been appointed to oversee Woosh Wireless's administration proceedings?
Which firm has been appointed to oversee Woosh Wireless's administration proceedings?
Local advisory and investment firm KordaMentha has been appointed as administrators. They will manage the process following Woosh Wireless entering voluntary administration.
Q.How much cash has Woosh Wireless spent since its establishment?
How much cash has Woosh Wireless spent since its establishment?
Since its founding, Woosh Wireless has spent more than NZ$100 million (US$67.7 million) in cash. This figure was cited as a reason for the company entering voluntary administration.
Q.Who bought Woosh Wireless in 2011 and for what price?
Who bought Woosh Wireless in 2011 and for what price?
California-based Craig Wireless acquired Woosh Wireless in 2011. The purchase was made for a sum of $5 million, according to the article.
Q.Which company purchased one of Woosh Wireless's spectrum blocks?
Which company purchased one of Woosh Wireless's spectrum blocks?
Spark New Zealand purchased one of Woosh Wireless's spectrum blocks. This was a 70 MHz lot of 2300-MHz spectrum, acquired in April for NZ$9 million.
Reader pulse
What does Woosh's collapse signal for niche telecom players?
21,012 votes so far