Primus granted creditor protection as it seeks sale of assets

TORONTO -- Primus has been granted creditor protection as the telecom company seeks to sell some of its assets to an American telecom provider.

See Full Article

The company, which resells Internet access and telephone services from the incumbent providers, said it needs time to restructure as it completes a deal with Atlanta-based Birch Communications.

Primus has 227,000 subscribers in Canada and 27,000 in the United States, and employs 500 people across Canada, including 242 employees at its head office in Toronto.

The company said its revenue has fallen by an average of nine per cent a year since 2012

It reports $101 million in debt against $18 million in current assets and $145 million in total assets, including network equipment and the value of its brand.

Primus says it is losing customers because demand for traditional phone service is falling and it can't offer the discounted bundles or mobile services available from the major carriers.



Advertisements

Latest Economic News

  • Vancouver passes Toronto as 'most expensive' city in Canada

    Economic CTV News
    An annual ranking of the cost of living in hundreds of cities worldwide suggests that Vancouver has overtaken Toronto as the most expensive in Canada, although both remain relatively affordable by global standards. The Mercer 2017 Cost of Living Survey placed Vancouver at 107, followed by Toronto at 119, Montreal at 129, Calgary at 143 and Ottawa at 152. Source
  • Inflation rate cools to 1.3% in May as food prices now cheaper than a year ago

    Economic CBC News
    Food prices have gotten cheaper in the past year, Statistics Canada says. (The Associated Press) The cost of living went up by 1.3 per cent in the year up to May, a slightly slower pace than it increased by a month earlier. Source
  • Inflation rate cools to 1.3% in May as food got cheaper

    Economic CBC News
    Food prices have gotten cheaper in the past year, Statistics Canada says. (The Associated Press) The cost of living went up by 1.3 per cent in the year up to May, a slightly slower pace than it increased by a month earlier. Source
  • Weaker growth in gas prices helps slow annual inflation rate to 1.3 per cent in May

    Economic CTV News
    OTTAWA -- Canadian inflation eased up on the accelerator last month as weaker year-over-year growth in gasoline prices helped slow the annual rate to 1.3 per cent, Statistics Canada said Friday. The May inflation rate was also lower than April's reading of 1.6 per cent because prices declined in electricity, bakery products and Internet access services, the agency said in its latest monthly report. Source
  • Why is the teen summer job disappearing? [Video]

    Economic Toronto Sun
    WASHINGTON — It was at Oregon’s Timberline Lodge, later known as a setting in the horror movie “The Shining,” where Patrick Doyle earned his first real paycheque. He was a busboy. The job didn’t pay much. But Doyle quickly learned lessons that served him for years as he rose to become the CEO of Domino’s, the pizza delivery giant: Source
  • BlackBerry swings to $671M quarterly profit despite lower sales

    Economic CBC News
    BlackBerry is reporting a $671 million US profit for the first quarter but its revenue was lower than expected, missing analyst estimates. The company says its revenue for the quarter was $235 million US — compared with estimates of $264.39 million US, according to Thomson Reuters data. Source
  • BlackBerry to report Q1 earnings amid acquisition speculation

    Economic CTV News
    WATERLOO, Ont. -- BlackBerry will release its latest quarterly report today -- the first since its stock bounced higher amid speculation that the former smartphone maker may be a prime acquisition target. BlackBerry's shares (TSX:BB) rose about 50 per cent from roughly $10 in April to a 52-week high of $15.82 on June 1 at the Toronto Stock Exchange. Source
  • BlackBerry shares fall despite Q1 profit; revenue lower than analysts expected

    Economic CTV News
    WATERLOO, Ont. -- BlackBerry (TSX:BB) is reporting a US$671 million profit for the first quarter but its revenue was lower than expected, missing analyst estimates. The company says its revenue for the quarter was US$235 million -- compared with estimates of US$264.39 million, according to Thomson Reuters data. Source
  • Brexit anniversary: British economy faces more pain

    Economic CTV News
    LONDON - Few events outside of war can have quite as much potential impact on the economy of a country as Britain's decision a year ago to leave the European Union. The momentous vote on June 23, 2016 has the potential to sever Britain's ties to its main trading partner, a grouping it has spent more than four decades building ever-closer ties to. Source
  • Too little, too late? Sears tries to rebrand by getting hip, hiding name

    Economic CBC News
    In its battle for survival, Sears Canada is trying to shed its old-school image and replace it with a fresh look and hipper brands. It has even opened a flashy pop-up store in downtown Toronto that sells trendy ripped jeans and keeps quiet its affiliation with Sears. Source