SunCom Wireless Holdings Inc. fka TPC

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SunCom Wireless Reaches Consensual Agreement With Largest Subordinated Bondholders to Significantly Reduce Debt

Holders of More Than 91% of Senior Subordinated Notes Agree To Exchange Their Notes For Approximately 87% of SunCom's Common Stock

Exchange Would Reduce Debt by Approximately $679.3 Million

Company To Implement 1-for-10 Reverse Stock Split Prior To Exchange

Company Hires Goldman, Sachs & Co. To Advise it in Pursuing Strategic Alternatives, Including a Potential Sale Transaction

BERWYN, Pa., Jan. 31 /PRNewswire-FirstCall/ -- In a move intended to reduce its debt by approximately $679.3 million and annual interest payments by approximately $62 million, SunCom Wireless Holdings, Inc. (OTC Bulletin Board: SWSH.OB) today announced that the company and its subsidiaries have reached a consensual agreement with bondholders who hold or beneficially own more than 91% of the outstanding 9-3/8% Senior Subordinated Notes due 2011 and 8-3/4% Senior Subordinated Notes due 2011 (the 'Notes') of its indirect, wholly owned subsidiary, SunCom Wireless, Inc., to exchange their Notes for approximately 87% of SunCom Wireless Holdings' common stock. The exchange will provide the company greater financial flexibility. Completion of the exchange, which was unanimously approved by the SunCom Wireless Holdings Board of Directors, is expected in the second quarter of 2007, subject to approval by SunCom Wireless Holdings shareholders, regulatory approval and other customary closing conditions.