New Zealand wireless broadband provider Woosh Wireless has entered voluntary administration after burning through more than NZ$100 million ($67.7 million) in cash since it was founded.
The operator has appointed local advisory and investment firm KordaMentha as administrators for the proceedings, the New Zealand Heraldreported. The first meeting of creditors will be held early next month.
Woosh was founded in 1999 and bought out by California-based Craig Wireless for $5 million in 2011.
The company sold its fixed line network to rival Slingshot last year, and sold one of its three spectrum blocks - a 70 MHz lot of 2300-MHz spectrum - to Spark New Zealand for NZ$9 million in April.
A KordaMentha partner said the company will be mindful of customers who rely on Woosh Wireless for their broadband services, particularly in remote areas in rural parts of Southland, where there is a strong concentration of subscribers.