To say that Sprint Nextel Corp. (NYSE: S) has had a tough go lately is an understatement. To even whisper the same thing about Clearwire Corp. (NASDAQ: CLWR) is a colossal understatement. Sprint has bet the company on its ability to sell the iPhone from Apple Inc. (NASDAQ: AAPL) and Clearwire recently said that it might skip a $237 million debt payment due in December. Neither move has gone down well with investors.The two companies did get some love from Credit Suisse today, however. In a research note the bank said, “We continue to see substantially more upside in both than in any other companies in the sector over the long term…” Those other companies include Verizon Wireless, a joint venture between Verizon Communications Inc. (NYSE: VZ) and Vodafone plc (NASDAQ: VOD), and AT&T Inc. (NYSE: T).Credit Suisse did hedge more than a little though: “[T]he risks associated with both investment cases have increased and the investment horizons have been pushed out. We see a few positive near-term catalysts; however, investors may have to wait several quarters for the bulk of the upside to play out.”

The catch for Clearwire is whether or not it can survive missing a debt payment. The company is not likely to get more help from Sprint, which has problems of its own. Sprint would likely be happy to see Clearwire restructure, under bankruptcy protection or not. What Sprint can’t afford is for Clearwire’s network to shut down. As many as 8 million Sprint customers would lose service should that happen.

Clearwire needs help and it is turning up the heat on Sprint to provide that help. If Clearwire files for bankruptcy protection, the company’s spectrum licenses go to the bondholders, not to Sprint. That’s something Sprint will likely try to avoid at all reasonable cost. Trouble is, for Sprint, no new costs are reasonable.

Paul Ausick