“It is a bankrupt company, it has no value left for equity shareholders. The kind of debt it has and the cash flows it is generating and can potentially generate will remain negative for years to come. There is no revival inside, they are losing market share and this is a very high operating leverage business, telecom people need to understand because once you have set the capacities, every incremental subscriber you get, you make money on that. But every incremental subscriber you are losing, then your losses get magnified.”
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