Regional Pay-TV provider Austar United Communications is still searching for a financial suitor to plug the drain on its bank balance.
Austar burnt about AU$232 million in cash in the December quarter of 2000 - a massive leap from a cash burn rate of AU$81 million in the previous quarter.
It's kitty is now down to AU$190 million.
The company's spending spree included AU$110 million for the acquisition of Television and Radio Broadcasting Services.
Austar also outlaid AU$20 million acquiring a 51 percent stake in TVSN. It picked up Eisa's assets for AU$13 million and spent AU$14 million at the 3.4ghz spectrum auctions.
In total, Austar spent AU$60 million rolling out the bulk of its broadband network.
"The fourth quarter was a one-off," Austar's Bruce Meagher told ZDNet. "It's not to be repeated."
"Whilst we're not in the situation where we urgently need the money today," Meagher said the company wanted to tie up any arrangements with potential financial investors as "speedily as we can".
Austar claims to have enough in the bank to last another six to 12 months, however, "we're looking to get certainty and security for ourselves and our investors," Meagher said.
Austar refused to comment on a report in the Australian Financial Review that its subscriber base dropped to 399,500 in October 2000 from 405,500 in September 2000.
This would mean Austar added just 37,000 residential customers during 2000 rather than its target of 60,000.
Austar will be reporting its fourth quarter results in mid March.
