Clearwire shareholder Crest Financial has offered to provide the operator with a convertible loan so it does not have to take the equity financing offered by majority shareholder Sprint. Crest said its offer of USD 240 million in financing through a convertible debt facility, described in a letter to Clearwire's board, is superior to the financing provided by Sprint and designed to free Clearwire to explore alternatives to Sprint's "inadequate" merger offer. The Crest proposal is similarly structured to the Sprint financing with Clearwire but is more favorable to Clearwire and its minority shareholders, the investor said. Clearwire earlier said it would take another tranche of financing from Sprint to continue operations. Crest has opposed the Sprint bid and favoured a rival offer from Dish Network.
