2nd Annual Cayman Islands Conference: Hedge Fund Best Practices

KANSAS CITY, Mo. - Sprint Nextel Corp., the nation's third-largest wireless provider, said Thursday it will have to write off a significant chunk of the remaining value of its 2005 purchase of Nextel Communications Inc. and several affiliates, reflecting the continued struggles of its wireless operations.

In a securities filing, the company said it is taking a hard look at the $30.7 billion carried on its books for goodwill � an accounting term for the difference between what is paid for acquistions and what the assets are actually worth � related to wireless takeovers.

"Based on the work completed to date, Sprint Nextel will be required to record a material, non-cash impairment charge that will represent a substantial portion, and potentially all, of the goodwill recorded on its balance sheet," the company said in a securities filing. read more

Dana Exits Chapter 11 Reorganization a Stronger Global Competitor

The benchmark FTSE 100 index suffered the biggest points fall in its history as a number of factors heightened fears of a US recession and sent doom and gloom reverberating through the City.

For breaking news, changing views and trading-floor, Ben Bland's Market ForcesFurther data on shares.

read more