Credit crunch foils Embarq sale - WSJ
NEW YORK, Oct 1 (Reuters) - U.S. phone company Embarq Corp EQ.N put itself up for sale in recent weeks but its plans were thwarted when the credit crunch made it difficult for potential acquirers to raise capital, the Wall Street Journal reported on its website on Wednesday.
The article, citing people familiar with the situation, said Embarq hired investment bank J.P. Morgan Chase & Co to explore a sale of the company.
But the report said the company's deadline for bids came in the past few weeks, amid turmoil on Wall Street that has made it difficult for potential buyers to borrow the money they would likely need to do a deal.
An Embarq spokeswoman could not be reached for an immediate comment. The Wall Street Journal said an Embarq spokeswoman declined to comment. (Reporting by Nicole Maestri; Editing by Gary Hill)
