Netherlands-headquartered cable group United Pan-European Communications will, say reports, run out of cash a month earlier than expected.
The company, which burns E150 million in cash a month, did not comment on the state of its cash reserves, but revealed it had incurred an additional E150m cash shortfall, attributable to investment in its Priority Telecom unit, which the group floated last week.
Following earlier claims that it had cash to see it through to April or May next year, UPC is now forecast to run out of funding in March.
The latest shortfall could up its funding gap to E1 billion. UPC does not expect to be cashflow positive until the second half of 2004.
News source: Financial Times