Jun. 25, 2020 4:52 PM ET |About: Uniti Group Inc. (UNIT)|By: Jason Aycock, SA News Editor
Windstream Holdings' (OTCPK:WINMQ) restructuring plan has been approved in court, and the company now expects to emerge from Chapter 11 bankruptcy in August as a privately held company, with the backing of Elliott Management.
That will result in cutting debt by more than $4B (about two-thirds) - wiping out junior bondholders - and gaining access to about $2B in new investment capital.
“We look forward to beginning this new chapter for Windstream," says CEO/President Tony Thomas. "When we emerge, our lenders will become our new owners and strategic partners and are aligned with our long-term strategy and mission to deliver quality and reliable services. As a private company, Windstream will have increased flexibility to invest in our network, accelerate our transformation and return to growth."
An interested party: Uniti Group (NASDAQ:UNIT); settling a lease dispute between the two is key to Windstream's new strategy.
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