Re: What's going on? with WIN
Suspect a combination of things.
As the litigation fades to the background, people are focusing more on the actual operation which is not great.
Also, when credit conditions tighten, low credit rating borrowers are hit harder than good credits. We are starting to see weaker country(Turkey, Argentina) credits in trouble and no longer able to borrow large amounts at cheap terms. Other highly leveraged companies with funding needs are also weak. While WIN has extended maturities as well as can be expected, it is a very low quality credit. Borrowing, other than existing creditors extending loans on coercive terms(credit agency opinion not mine), would be prohibitively expensive.
With very high leverage and poor cashflow, it is difficult to see a source of growth or even the ability to spend money to survive market shifts.