Verizon Wireless has waited more than 46 days for Amp'd to pay off its debts while it slogs through its Chapter 11, but Vodafone, the 45 percent stakeholder in Verizon Wireless said VZW should pay off its $12 billion in debts by 2009. Vodafone says it will have to wait another couple of years before receiving profits from its minority stake in the U.S. carrier. Under the current agreement, Vodafone receives no dividends from Verizon Wireless and does not have the power to change that cash return policy. Vodafone recently denied a report that it was mulling a $160 billion bid for Verizon Communications, the other parent company of Verizon Wireless.
Verizon Wireless added 1.6 million net new subscribers in its second quarter with 300,000 net reductions in the company's wholesale base. VZW ended the quarter with 62.1 million customers, including 60.1 million retail customers (non-MVNO subscribers). The rest of VZW financials will be released on July 30.
For more on Vodafone's first quarter and VZW stake:
- read this press release
- and this from VZW
- check out this Thomson Financial report