BOCA RATON, Fla.-SBA Communications Corp. is going to reduce capital expenditures and new tower development activities in 2002, and suspend any material new investment for additional towers, the company said.
Several offices will be closed and an unspecified number of employees will be laid off as well.
SBA anticipates reducing the number of towers built or acquired this year from 400-600 to 250-350. SBA expects about 150 towers to be built or acquired in the first quarter.
In related news, Pinnacle Holdings Inc. said it might file for Chapter 11 bankruptcy due to insufficient funds.
Pinnacle said it will not be able to make interest payments on its convertible notes. The company received an extension on its credit facility until March 8.
