ALLTEL, Bradford & Bingley Group to Discontinue Joint Venture.Business Editors/High-Tech Writers LITTLE ROCK, Ark.--(BUSINESS WIRE)--Dec. 13, 2002 ALLTEL (NYSE NYSE See: New York Stock Exchange :AT) and Bradford & Bingley Group of West Yorkshire West Yorkshire, former metropolitan county, N central England. Created in the 1974 local government reorganization, the county largely embraced the Leeds conurbation and comprised five metropolitan districts: Calderdale, Bradford, Leeds, Wakefield, and Kirklees. , England, today announced both companies have agreed to discontinue dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: an information services See Information Systems. joint venture. The joint venture, ALLTEL Mortgage Solutions, Ltd., was created to provide mortgage administration and information technology products to the mortgage lending industry in the United Kingdom. Bradford & Bingley turned over its mortgage processing operation and 600 employees to the joint venture in July 2000. ALLTEL Mortgage Solutions developed a platform that had the potential to improve the cost structure of mortgage processing in the United Kingdom. Unfortunately, the business climate for outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. in the United Kingdom has limited the entity's ability to leverage the business across a broad base of customers. Discontinuing the joint venture will result in a one-time, non-cash writedown in the range of $30 million to $50 million pre-tax, which reflects the company's investment in the joint venture and unwind Unwind 1. The closure of an investment position. 2. The reconciliation of an error previously unseen by a brokerage house. Notes: 1. Sometimes referred to as closing out a position. costs. The writedown will be recognized in the fourth quarter. ALLTEL, with more than 12 million communications customers and more than $7.7 billion in revenues, is a leader in the communications and information services industries. ALLTEL has communications customers in 26 states and provides information services to telecommunications, financial and mortgage clients in more than 50 countries. ALLTEL, NYSE: AT www.alltel.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion