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Buyback of debt improves outlook for Brightpoint

Not long ago, the future sure looked bleak for local wireless phone distributor Brightpoint Inc.

After all, few expect the foundering wireless industry's fortunes to improve dramatically anytime soon. Brightpoint had endured repeated earnings restatements during the height of Enron and WorldCom investor panic. To maintain the NASDAQ's minimum listing requirements, Brightpoint was forced to offer a reverse stock split. And the firm's debt leverage seemed poised to choke off almost every financial restructuring option.

Foremost in Brightpoint's list of woes was a series of 20-year convertible bonds the company issued in 1998. The bonds' terms allow holders to sell them back to the company in ...

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