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Qwest Communications International (NYSE: Q) is moving lower today after the telecom firm pulled its long-distance phone network off the auction block. The company was attempting to sell its long-distance assets to help generate cash, but reports indicate that bids for the unit were unacceptably low.

Last week, The Wall Street Journal (subscription required) reported that bids for the unit came in below $1 billion, citing sources familiar with the matter. Qwest, which has a debt load of $560 million maturing in 2009, was seeking $2 billion to $3 billion for the business.

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Lowball bids prompt Qwest to yank long-distance unit from auction block originally appeared on BloggingStocks on Mon, 08 Jun 2009 12:40:00 EST. Please see our terms for use of feeds.

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