CenturyTel management touted the deal as a combination of two great companies, both of which have strong cash flow.

FORBES: Tough Times On The Way To The Altar For CenturyTel and Qwest

The deal would be a tax-free, stock swap in which each share of Qwest would be exchanged for 0.1664 CenturyTel shares.

FORBES: Tough Times On The Way To The Altar For CenturyTel and Qwest

The question investors have to ask themselves is, will CenturyTel be able to generate enough cash flow to service its ballooning debt load?

FORBES: Tough Times On The Way To The Altar For CenturyTel and Qwest