(Bloomberg) -- CommScope Holding Co. has failed to reach an agreement with a group of its creditors as it continues to talk with other investors to refinance its bonds. Shares dropped as much as 47% in premarket trading in New York after the telecommunications infrastructure company missed estimates. 

CommScope had been negotiating with an ad-hoc group of bondholders to address its debt maturing in the next two years and was also studying options for a broader refinancing through to 2029, it said in a filing on Thursday. The group is now “actively pursuing other alternatives available” to address upcoming maturities and cut leverage, and remains in “active and constructive” discussions with creditors that are not a part of the ad hoc group.

S&P Global Ratings said in May it expected CommScope’s revenue to decline this year because of a “challenging macroeconomic environment and soft end-market demand.” The company agreed to sell a unit to Amphenol Corp. for $2.1 billion in July in a bid to cut its debt pile. 

On Thursday, the company reported net sales of $1.08 billion compared with a Bloomberg-compiled estimate of $1.42 billion. It also announced an adjusted loss of $0.05 per share compared with a $0.35 earnings estimate.

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