Monday April 5, 3:05 pm Eastern Time
Heartland emerges from bankruptcy as Nucentrix
DALLAS, April 5 (Reuters) - Heartland Wireless Communications Inc., which provides wireless broadband network and subscription television services, said Monday it emerged from its prenegotiated Chapter 11 proceeding and changed its name to Nucentrix Broadband Networks Inc. (OTC BB:NCNX - news).
The company said the name change is part of a previously announced restructuring to focus on its wireless broadband network by delivering high-speed Internet access and other broadband Internet Protocol services.
The completion of the reorganization leaves Nucentrix with about $28 million in unrestricted cash and about $12 million in net long-term debt, according to the company. Heartland had filed for Chapter 11 bankruptcy protection on Dec. 4, 1998.
''With our financial restructuring behind us, we believe we are now in a position to focus on expanding our broadband IP services,'' said Carroll McHenry, chairman and chief executive, in a statement.
The common stock of Nucentrix will be quoted on the OTC Bulletin Board under the symbol NCNX with 10 million shares outstanding, according to the company.
Under the plan of reorganization, the outstanding shares of Heartland common stock, which were traded on the OTC Bulletin Board under ''HARTQ'', were canceled April 1. Holders may receive warrants to purchase up to 2.5 percent of the outstanding common stock of Nucentrix at an exercise price of $26.73, subject to resolution, if any, of certain litigation claims.
Nucentrix shares were trading at 15-5/8 on the OTC Bulletin Board in the afternoon |
