Woosh writes down assets by $5.9M in sale to Craig Wireless

Thu, 19 Jul 2012

By Paul McBeth July 19 (BusinessDesk) - Woosh Wireless, the local wireless internet service provider, wrote down the value of its assets by $5.9 million in its sale to Californian telecommunications company Craig Wireless. The Auckland-based company was sold to Craig for US$5.5 million last year in a deal that was structured to satisfy $20.6 million of debt owed to then-investor Kuwait Finance House. Woosh posted a loss of $2.9 million in the year ended June 30, 2011, blaming one-off items including the impairment it wore on the sale to Cr...

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