Windstream Holdings Inc. (fka WINMQ)

[Scotttrader80]

This stinker is still limping along even with knowing the commons are toast? Seems like everything PSA pumped has turned to shit.

[tutt1126]

I spent my time in investigating in other bankruptcy stocks .

1.Pcg exited chapter 11 on july first without cancellation of common stock.

2. Today , WLL
WLL was trading in 1 dollar range without delisting and was in chapter 11 bankruptcy also.
Today WLL EXITED CHAPTER 11 BANKRUPTCY AND PPS IS NOW UP AT 2615 % AT 21 DOLLARS FROM 1 DOLLAR LOW.
CHECK IT OUT ON WLL

[newflow]

6 Q: Would you agree with me that backstop parties, in the
7 backstop agreement, they are generally agreeing to buy
8 equity and the rights offering if there is insufficient
9 market demand from other parties to acquire the equity.
10 ANS: I agree with that.

CEO in the court.

Page 327/781
http://www.kccllc.net/windstream/document/1922312200622000000000005

[rokkdatstock]

When the Q is gone the commons are too. Buy all you want. WINMQ.

[newflow]

There was $2B equity at the time of filing.The plan equity value that reorg company will have is $1.25B at a discount of 37.5% ie $750 million of $2B.And backstop parties will fund $750mm to acquire stock as per my understanding.WINMQ might just be "Reinstated" unaltered or bought out?.
All in my opinion.

[tutt1126]

Yes !!
Looking good!!

[newflow]

AS PER CEO "The Backstop Commitment Agreement provides Windstream fair value and
enables emergence from chapter 11."

Page 14/16
http://www.kccllc.net/windstream/document/1922312200503000000000002

Is it $750 Million?.

[tutt1126]

Everything is now becoming the past.
Waiting for FCC is the final step so that windstream can exit bankruptcy .

[tutt1126]

https://www.arkansasonline.com/news/2020/sep/01/exit-plan-okd-for-lr-firm-by-fcc/?business

[make it happen]

get rid of the Q we see dollars

[rokkdatstock]

Someone dumped a nibble. WINMQs commons are toast.

[make it happen]

Looking for my first nibble

[tutt1126]

Buy equity from Non obligor debtors.

[newflow]

Elliott and other investors to BUY most of Windstream's equity

Along with announcing it had reached an agreement with Uniti, Windstream announced at the same time it had negotiated a proposal with hedge-fund manager Elliott and other investors to buy most of Windstream's equity out of bankruptcy while also removing a large chunk of its debt.

https://www.fiercetelecom.com/telecom/windstream-s-restructuring-plan-gets-green-light-from-judge-as-it-targets-late-august-to

What equity they could buy?.Non-obilgor debtors?.

[tutt1126]

More than 38 million shares of uniti 's common stock will be sold to first lien holders at the price of $6.33 after the affective date during the time of being a private company.

[tutt1126]

Ready ?
Let's the game begin!

[tutt1126]

THE PETITION FOR A RELIEF UNDER CHAPTER 11 ARE THE KEY WORDS TO REMEMBER.

Upon filing a petition for relief under Chapter 11, the debtor assumes an additional identity as the “debtor in possession.” 11 U.S.C. § 1101. The term refers to a debtor that keeps possession and control of its assets while undergoing a reorganization under Chapter 11.

[tutt1126]

Private company

This is my understanding.

Quote:1. what happens to the windstream shares that we own now?

The stocks are already delisted from big exchanges but listed on OTC with different trading rules , so they are traded on OTC as public companies. If windstream is taken private, then the reporting requirements of public companies are not applicable.
Windstream doesn't have to report to sec or any federal regulations during selling common stock to the first lien holders on uniti and on winmq after the affective date.

2. Can we still trade in a private company?
Private company stocks can still be traded but not sure can be listed on OTC.

3. Will the value go up/down?
It depends on the intrinsic value of stock but because of lack of liquidity prices may vary widely.

[newflow]

When the debtors select a fund as Disputed Ownership Fund as per Treasury regulation, they can have different accounts for different categories of claims such as Oblizor Debtors Claims Reserve fund ,Non-Oblizor Debtors Claims Reserve Fund
or Interests.
Once those claims are resolved, equity gets the leftovers IMO or Equity gets paid on the day of distributions and all the claims would be reinstated.
Non-Oblizor Debtors are Windstream Holdings Inc. and other assets which have no first liens against those assets but unsecured claims.Equity interests are in Windstream Holdings Inc. and it can't be just transferred to new Windstream Holdings LLC.
All in my opinion.

[sharing4u]

Newflow,

The subordinated notes holders claims are impaired.
Does the reorganized debtor have the financial ability to pay them before distribution to former equity holders?

Thanks so much for your expert info.

[newflow]

Sharing.. you can understand only if you know what a disputer ownership fund as per Treasury regulation.
The plan says class 9 equity interests get cancelled on the date of distribution or Effective Date.So shares will be cancelled.IMO and as quoted in my earlier message from the plan, reorganized debtor will continue reconcile the disputed claims or interests.
As per plan interests are any equity in any debtor including common shares.So the tricky point the shares get cancelled and how do equity see any distributions after cancellation?.In BK cases,these shares could be replaced with escrow cusips to identify the old equity holders, process disputed claims and pay from the disputed ownership fund as allocated and once all claims are completed,whatever is left might get distributed to equity class(es).This is called absolute priority, equity should be paid only when claims are satisfied as agreed.Hope this helps.

[Scotttrader80]

Jeeze louise this pig is still trading?

[tutt1126]

The purpose of the spinoff was trying to pay the debt of 6.5 billion dollars.
But every thing was a mess .it's a fault from windstream.

[newflow]

" after the Effective Date, the Reorganized
Debtors, may compromise and settle Claims against, and Interests in, the Debtors and their Estates and
Causes of Action against other Entities."

Probably equity might receive escrow cusips upon effective date and get paid after all the unsecured disputed claims are resolved.IMO.

[tutt1126]

AT THE TIME OF SPINOFF, THE EQUITY WAS TRANSFERRED FROM WINDSTREAM TO UNITI.
TOTALLY WRONG, THAT'S WHY WINDSTREAM IS ASKING FOR A SECOND CHANCE.
UNITI IS/WAS JUST A PIECE OF GARBAGE. A LOT OF POOR SOULS RAN FROM WINDSTREAM TO UNITI.
POOR SOUL!!
Quote "
The Uniti deal was probably beneficial to some shareholders because equity was transferred from Windstream into Uniti at the time of the spinoff, according to Phil Brendel, a Bloomberg Intelligence analyst covering"

[sharing4u]

Newflow,

Could you help to interpret this important post relating to the outcome of current winmq shares?

[newflow]

H. General Settlement of Claims and Interests
Pursuant to section 1123 of the Bankruptcy Code and Bankruptcy Rule 9019 and in consideration
for the distributions and other benefits provided pursuant to the Plan, the Plan is and shall be deemed a
good-faith compromise and settlement of all Claims, Interests, and controversies relating to the contractual,
legal, and subordination rights that a holder of a Claim or Interest may have with respect to any Allowed
Claim or Interest, or any distribution to be made on account of such Allowed Claim or Interest.
The entry of the Confirmation Order shall constitute the Bankruptcy Court’s approval of the
compromise or settlement of all such Claims, Interests, and controversies, as well as a finding by the
Bankruptcy Court that such compromise or settlement is in the best interests of the Debtors, their Estates,
and holders of Claims and Interests and is fair, equitable, and reasonable. The compromises, settlements,
and releases described herein shall be deemed nonseverable from each other and from all other terms of the
Plan. In accordance with the provisions of the Plan, pursuant to Bankruptcy Rule 9019, without any further
notice to or action, order, or approval of the Bankruptcy Court, after the Effective Date, the Reorganized
Debtors, may compromise and settle Claims against, and Interests in, the Debtors and their Estates and
Causes of Action against other Entities.

page 31/182
http://www.kccllc.net/windstream/document/1922312200518000000000006

[tutt1126]

https://www.zacks.com/stock/chart/WINMQ/fundamental/shareholders-equity-quarterly

[tutt1126]

Just an article from today. Not saying a bunch but even they aren't shutting out the possibility that we can be surprised somehow at the end with a distribution. that's why they're keeping their fair value estimate under review for now.





Ugly Revenue Results Persist at Windstream, but Business Could Have Promise After Its Next IPO MORNINGSTAR - Jul 31, 2020 03:16:00 PM (EDT)

WINMQ

Windstream’s results stayed on the recent trend in what we expect will be the final set of reported results before the telecom emerges from bankruptcy as a private company. Revenue continues to shrink, but accelerating growth in broadband customers and a greater share of "strategic" customers in the enterprise segment give hope that sales will eventually return to growth. We donâ€'t expect Windstream to stay private for long, as new common stock will initially be held by current debtholders, who we assume will prefer to exit, so we intend to continue our coverage of Windstream C's next incarnation as a public company. Since Windstream filed for bankruptcy in 2019, we have not expected the existing common stock to have any value but left our fair value estimate under review, as any residual value for common stockholders would be a matter for the bankruptcy proceedings. We continue that practice and look forward to republishing a fair value estimate whenever new shares are offered to the public.

Revenue fell 8% from last year’s second quarter, its 14th straight quarter of year-over-year declines, while the EBITDA margin stayed around 21%, where it has generally lingered for the last year and a half. Enterprise revenue, which accounts for almost half of total sales, continues to be the terrible weight, declining 14% year over year. However, the 2% sequential decline was better than recent quarters. Continued improvement in enter prise performance could make new shares attractive, but one quarter of improved performance is not enough to call the new trend that we expect to ultimately arrive. ...

AA

Delayed 10:56 AM ET 08/06/20

[rokkdatstock]

The only ticking is the common shares going away when the BK is exited. I'm kinda sad for those who believe otherwise and help others into losses of all shares. WINMQ....shafting companies and shareholders

[tutt1126]

I would be happy to see pps below $0.07.
But it never gets lower than that

[tutt1126]

Of course, it is.
The key is to know the game being played.

[ilovetolose1]

Exactly. And of course, Perfectly legal.

[ilovetolose1]

If the Plan becomes effective,

[tutt1126]

They knew that company is about to file bk, so on the way down , they make money .on the way up they make money again.

[tutt1126]

THE CLOCK IS TICKING.
COURT HAD APPROVED EVERYTHING.
EVERYTHING IS NOW GOOD TO GO.

[tutt1126]

Once the company files the Plan Of Reorganization with the court you can easily find out when will WINMQ BE CANCELLED since the company already said that the common stock here is worthless right after the CH11! When that happens your WINMQ shares will be worthy "ZERO" no matter how many shares you own! The shorters must be insiders-related people who knew WIN would file the bankruptcy very soon thus they shorted it at any price in order to cover the shares at Zero cost --- i.e. 100% Huge gain!

[tutt1126]

I know .
I see 0 a million times.
And that 0 should occur or be taken care of at the time when windstream filed reorganization to RESTRUCTURE.
But every thing is done and part of the past because windstream is now waiting to be exited from bankruptcy.

[ilovetolose1]

That article leads one to believe commons are gonna be 0 soon.

[tutt1126]

No news.
But this news was from July 31 20.
It is giving plenty of useful information
https://finance.yahoo.com/news/windstream-asks-investors-second-chance-125627959.html

[ilovetolose1]

Any news from court today?

[tutt1126]

Thank to Aurelius.
Because of Aurelius action in court, it allows windstream to take the correct action .
Windstream is asking for a second chance.

[newflow]

Except for assets that will be disposed

Windstream Announces Offering of Senior First Lien Notes

Proceeds Will be Used to Partially Fund Emergence From Chapter 11

August 6, 2020

LITTLE ROCK, Ark.--(BUSINESS WIRE)-- Windstream Holdings, Inc. (“Windstream Holdings”), a leading provider of advanced network communications and technology solutions, today announced that, subject to market conditions, Windstream Holdings’ wholly owned subsidiaries, Windstream Escrow LLC and Windstream Escrow Finance Corp. (together, the “Issuers”), intend to offer $1,400 million aggregate principal amount of senior first lien notes due 2028 (the “Notes”) pursuant to exemptions from registration under the Securities Act of 1933, as amended (the “Securities Act”). The offering of the Notes is part of a series of exit financing transactions being undertaken in connection with a restructuring of Windstream Holdings and certain of its subsidiaries (collectively, the “Debtors”), to be effected through a plan of reorganization under Chapter 11 of title 11 of the United States Code in the U.S. Bankruptcy Court for the Southern District of New York substantially on the terms of the Debtors’ First Amended Joint Chapter 11 Plan of Reorganization of Windstream Holdings, Inc. et al., Pursuant to Chapter 11 of the Bankruptcy Code, filed June 22, 2020 (as it may be amended, supplemented or modified, the “Plan”) and approved by the Bankruptcy Court on June 26, 2020 (the “Chapter 11 Cases”). If the Notes are issued prior to satisfaction of certain escrow release conditions, which includes the occurrence of the effective date of the Plan (the “Effective Date”), the Issuers will deposit the gross proceeds of the offering of the Notes into an escrow account (the “Escrow Account”). The Notes will be secured by a lien on amounts deposited in the Escrow Account until such amounts are released upon satisfaction of the escrow release conditions. From and after the Effective Date, the Notes will be assumed by Windstream Services, LLC or a newly formed holding company which will hold, directly or indirectly, substantially all of the assets and operations of Windstream Services, LLC except for assets that will be disposed in connection with the Plan. The proceeds of the offering, together with the anticipated proceeds from the other exit financing transactions, including borrowings under a new term loan facility and a new revolving credit facility, and cash on hand, will be used to (i) fund the repayment of the existing facilities incurred under the Superpriority Secured Debtor-in-Possession Credit Agreement entered into in connection with the Chapter 11 Cases, (ii) fund the other distributions provided for under the Plan and (iii) pay certain fees and expenses relating to the foregoing and the emergence from bankruptcy.

The Notes will be offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act, and outside the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act. The Notes have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful. Any offers of the Notes will be made only by means of a private offering memorandum.
https://www.sec.gov/Archives/edgar/data/1282266/000128226620000043/exhibit991pressrelease.htm

[tutt1126]

All insiders are still holding.
https://www.insider-monitor.com/trading/cik1282266.html

[newflow]

Windstream Holdings owns a 100 percent interest in Windstream Services. Windstream Services and its guarantor subsidiaries are the sole obligors of all outstanding debt obligations and, as a result, also file periodic reports with the Securities and Exchange Commission ("SEC"). Windstream Holdings is not a guarantor of nor subject to the restrictive covenants included in any of Windstream Services' debt agreements. The Windstream Holdings board of directors and officers oversee both companies.
https://www.marketscreener.com/WINDSTREAM-HOLDINGS-INC-61233547/news/WINDSTREAM-Management-s-Discussion-and-Analysis-of-Financial-Condition-and-Results-of-Operations--30746450/

Windstream Holdings Inc. is a non-obligor debtor along with bunch of other assets with no debt obligations.
Page 52/92
http://www.kccllc.net/windstream/document/1922312200302000000000001

[tutt1126]

I am still here.

[newflow]

STIPULATED PLAN EQUITY VALUE - $1.25 BILLION

Page 11/24
https://www.kccllc.net/windstream/document/1922312200501000000000011

[tutt1126]

Awesome!
I enjoy reading your posts!

[tutt1126]

Windstream Selects Ciena for Next-Generation National Converged Optical Network

https://www.businesswire.com/news/home/20200810005072/en/

[newflow]

Proceeds Will be Used to Partially Fund Emergence From Chapter 11
August 6, 2020

LITTLE ROCK, Ark.--(BUSINESS WIRE)-- Windstream Holdings, Inc. (“Windstream Holdings”), a leading provider of advanced network communications and technology solutions, today announced that, subject to market conditions, Windstream Holdings’ wholly owned subsidiaries, Windstream Escrow LLC and Windstream Escrow Finance Corp. (together, the “Issuers”), intend to offer $1,400 million aggregate principal amount of senior first lien notes due 2028 (the “Notes”) pursuant to exemptions from registration under the Securities Act of 1933, as amended (the “Securities Act”). The offering of the Notes is part of a series of exit financing transactions being undertaken in connection with a restructuring of Windstream Holdings and certain of its subsidiaries (collectively, the “Debtors”), to be effected through a plan of reorganization under Chapter 11 of title 11 of the United States Code in the U.S. Bankruptcy Court for the Southern District of New York substantially on the terms of the Debtors’ First Amended Joint Chapter 11 Plan of Reorganization of Windstream Holdings, Inc. et al., Pursuant to Chapter 11 of the Bankruptcy Code, filed June 22, 2020 (as it may be amended, supplemented or modified, the “Plan”) and approved by the Bankruptcy Court on June 26, 2020 (the “Chapter 11 Cases”). If the Notes are issued prior to satisfaction of certain escrow release conditions, which includes the occurrence of the effective date of the Plan (the “Effective Date”), the Issuers will deposit the gross proceeds of the offering of the Notes into an escrow account (the “Escrow Account”). The Notes will be secured by a lien on amounts deposited in the Escrow Account until such amounts are released upon satisfaction of the escrow release conditions. From and after the Effective Date, the Notes will be assumed by Windstream Services, LLC or a newly formed holding company which will hold, directly or indirectly, substantially all of the assets and operations of Windstream Services, LLC except for assets that will be disposed in connection with the Plan. The proceeds of the offering, together with the anticipated proceeds from the other exit financing transactions, including borrowings under a new term loan facility and a new revolving credit facility, and cash on hand, will be used to (i) fund the repayment of the existing facilities incurred under the Superpriority Secured Debtor-in-Possession Credit Agreement entered into in connection with the Chapter 11 Cases, (ii) fund the other distributions provided for under the Plan and (iii) pay certain fees and expenses relating to the foregoing and the emergence from bankruptcy.

The Notes will be offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act, and outside the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act. The Notes have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful. Any offers of the Notes will be made only by means of a private offering memorandum.

Non-obligor assets may be getting sold,IMO.
https://www.sec.gov/Archives/edgar/data/1282266/000128226620000043/exhibit991pressrelease.htm